0001628280-20-016254 | 10-Q | XBRL Viewer

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Cover Cover - shares	9 Months Ended
Cover Cover - shares	Sep. 30, 2020	Nov. 06, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-39528
Entity Registrant Name	PACTIV EVERGREEN INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1538656
Entity Address, Address Line One	1900 W. Field Court
Entity Address, City or Town	Lake Forest
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	482-2000
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	PTVE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,157,710
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Central Index Key	0001527508

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	$ 1,195	$ 1,306	$ 3,514	$ 3,888
Cost of sales	(1,011)	(1,100)	(2,982)	(3,249)
Gross profit	184	206	532	639
Selling, general and administrative expenses	(116)	(104)	(358)	(341)
Goodwill impairment charges	(6)	(16)	(6)	(16)
Restructuring, asset impairment and other related charges	(14)	(39)	(18)	(45)
Other (expense) income, net	(79)	2	(48)	(7)
Operating (loss) income from continuing operations	(31)	49	102	230
Non-operating income (expense), net	17	0	50	(2)
Interest expense, net	(87)	(84)	(275)	(312)
Loss from continuing operations before tax	(101)	(35)	(123)	(84)
Income tax (expense) benefit	(42)	0	95	(16)
Loss from continuing operations	(143)	(35)	(28)	(100)
(Loss) income from discontinued operations, net of income taxes	(216)	91	(234)	270
Net (loss) income	(359)	56	(262)	170
Income attributable to non-controlling interests	0	0	(1)	(1)
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders	$ (359)	$ 56	$ (263)	$ 169
From continuing operations
Basic (USD per share)	$ (1.03)	$ (0.26)	$ (0.22)	$ (0.75)
Diluted (USD per share)	(1.03)	(0.26)	(0.22)	(0.75)
From discontinued operations
Basic (USD per share)	(1.56)	0.67	(1.72)	2.01
Diluted (USD per share)	(1.56)	0.67	(1.72)	2.01
Total
Basic (USD per share)	(2.59)	0.41	(1.94)	1.26
Diluted (USD per share)	$ (2.59)	$ 0.41	$ (1.94)	$ 1.26

Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Related party net revenues	$ 89	$ 72	$ 259	$ 213

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Other Comprehensive Income [Abstract]
Net (loss) income	$ (359)	$ 56	$ (262)	$ 170
Other comprehensive income (loss), net of income taxes:
Currency translation adjustments	66	(64)	(29)	(47)
Defined benefit plans	0	(1)	0	(2)
Other comprehensive income (loss)	66	(65)	(29)	(49)
Comprehensive (loss) income	(293)	(9)	(291)	121
Comprehensive income attributable to non-controlling interests	0	0	(1)	(1)
Comprehensive (loss) income attributable to Pactiv Evergreen Inc. common stockholders	$ (293)	$ (9)	$ (292)	$ 120

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,756	$ 1,155
Accounts receivable, less allowances for doubtful accounts of $5 and $4	425	445
Related party receivables	57	0
Inventories	744	753
Other current assets	172	119
Assets held for sale or distribution	23	1,232
Total current assets	3,177	3,704
Property, plant and equipment, net	1,666	1,703
Operating lease right-of-use assets, net	237	191
Goodwill	1,760	1,766
Intangible assets, net	1,104	1,147
Deferred income taxes	11	21
Related party receivables	0	339
Other noncurrent assets	221	161
Noncurrent assets held for sale or distribution	41	7,143
Total assets	8,217	16,175
Liabilities
Accounts payable	297	316
Related party payables	21	30
Current portion of long-term debt	2	3,587
Current portion of operating lease liabilities	55	47
Income taxes payable	16	14
Accrued and other current liabilities	342	418
Liabilities held for sale or distribution	8	485
Total current liabilities	741	4,897
Long-term debt	5,196	7,043
Long-term operating lease liabilities	198	157
Deferred income taxes	504	150
Long-term employee benefit obligations	678	730
Other noncurrent liabilities	150	124
Noncurrent liabilities held for sale or distribution	0	992
Total liabilities	7,467	14,093
Commitments and contingencies (Note 14)
Equity
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 175,434,000 and 134,408,000 shares issued and outstanding, respectively	0	0
Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid in capital	580	103
Accumulated other comprehensive loss	(386)	(518)
Retained earnings	554	2,494
Total equity attributable to Pactiv Evergreen Inc. common stockholders	748	2,079
Non-controlling interests	2	3
Total equity	750	2,082
Total liabilities and equity	$ 8,217	$ 16,175

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5	$ 4
Common stock, par value (USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	175,434,000	134,408,000
Common stock, shares outstanding (in shares)	175,434,000	134,408,000
Preferred stock, par value (USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statements of Equity - USD ($)
shares in Millions, $ in Millions

Total

Common Stock

Additional Paid In Capital

Accumulated Other Comprehensive Loss

Retained Earnings

Non-controlling Interests

Cumulative impact of adopting ASU 2018-02

Accumulated Other Comprehensive Loss

Cumulative impact of adopting ASU 2018-02

Retained Earnings

Reynolds Consumer Products

^[1]

Reynolds Consumer Products

Additional Paid In Capital

^[1]

Reynolds Consumer Products

Accumulated Other Comprehensive Loss

^[1]

Reynolds Consumer Products

Retained Earnings

^[1]

Graham Packaging Company Inc.

^[1]

Graham Packaging Company Inc.

Additional Paid In Capital

^[1]

Graham Packaging Company Inc.

Accumulated Other Comprehensive Loss

^[1]

Graham Packaging Company Inc.

Retained Earnings

^[1]

Beginning balance (in shares) at Dec. 31, 2018

134.4

Beginning balance at Dec. 31, 2018

$ 1,785

$ 0

$ 103

$ (689)

$ 2,362

$ 9

$ 0

$ (41)

$ 41

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

170

169

Other comprehensive (loss) income, net of income taxes

(49)

Disposition of non-controlling interest

(4)

Distribution of Reynolds Consumer Products, Inc. and Graham Packaging Company, Inc

Dividends paid to non-controlling interests

(1)

Ending balance (in shares) at Sep. 30, 2019

134.4

Ending balance at Sep. 30, 2019

1,901

$ 0

103

(779)

2,572

Beginning balance (in shares) at Jun. 30, 2019

134.4

Beginning balance at Jun. 30, 2019

1,910

$ 0

103

(714)

2,516

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

Other comprehensive (loss) income, net of income taxes

(65)

Distribution of Reynolds Consumer Products, Inc. and Graham Packaging Company, Inc

Ending balance (in shares) at Sep. 30, 2019

134.4

Ending balance at Sep. 30, 2019

1,901

$ 0

103

(779)

2,572

Beginning balance (in shares) at Dec. 31, 2019

134.4

Beginning balance at Dec. 31, 2019

2,082

$ 0

103

(518)

2,494

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(262)

(263)

Other comprehensive (loss) income, net of income taxes

(29)

Distribution of Reynolds Consumer Products, Inc. and Graham Packaging Company, Inc

161

$ (46)

$ (48)

$ (11)

$ 13

$ (1,178)

$ (22)

$ 172

$ (1,328)

Forgiveness of related party balances pre IPO

(362)

Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)

41.0

Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions

546

Stock-based compensation

Dividends paid to non-controlling interests

(2)

Ending balance (in shares) at Sep. 30, 2020

175.4

Ending balance at Sep. 30, 2020

750

$ 0

580

(386)

554

Beginning balance (in shares) at Jun. 30, 2020

134.4

Beginning balance at Jun. 30, 2020

2,037

$ 0

(624)

2,603

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(359)

Other comprehensive (loss) income, net of income taxes

Distribution of Reynolds Consumer Products, Inc. and Graham Packaging Company, Inc

172

$ (1,178)

$ (22)

$ 172

$ (1,328)

Forgiveness of related party balances pre IPO

(362)

Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)

41.0

Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions

546

Stock-based compensation

Dividends paid to non-controlling interests

(1)

Ending balance (in shares) at Sep. 30, 2020

175.4

Ending balance at Sep. 30, 2020

$ 750

$ 0

$ 580

$ (386)

$ 554

$ 2

[1]	Refer to Note 3 - Discontinued Operations

Condensed Consolidated Statements of Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member

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Indicates amendment to accounting standards.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash provided by (used in) operating activities
Net (loss) income	$ (262)	$ 170
Adjustments to reconcile net (loss) income to operating cash flows:
Depreciation and amortization	391	484
Deferred income taxes	310	3
Unrealized gains on derivatives	(3)	(15)
Goodwill impairment charges	6	25
Other asset impairment charges	15	98
(Gain) loss on disposal of businesses and other assets	(8)	23
Non-cash portion of employee benefit obligations	(44)	9
Non-cash portion of operating lease expense	78	81
Other non-cash items, net	(2)	(2)
Change in assets and liabilities:
Accounts receivable, net	(4)	(62)
Inventories	(29)	(85)
Other current assets	0	33
Accounts payable	24	(31)
Operating lease payments	(75)	(78)
Income taxes payable	(121)	(55)
Accrued and other current liabilities	(76)	2
Other assets and liabilities	70	(37)
Net cash provided by operating activities	270	563
Cash provided by (used in) investing activities
Acquisition of property, plant and equipment and intangible assets	(329)	(467)
Proceeds from sale of property, plant and equipment	1	21
Disposal of businesses, net of cash disposed	8	(4)
Proceeds from related party loan repayment	0	5
Net cash used in investing activities	(320)	(445)
Cash provided by (used in) financing activities
Long-term debt proceeds	5,614	0
Long-term debt repayments	(5,473)	(27)
Financing transaction costs on long-term debt	(35)	0
Premium on redemption of long-term debt	(2)	0
Net proceeds from issuance of shares	546	0
Other financing activities	(4)	(2)
Net cash provided by (used in) financing activities	536	(29)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(15)	(3)
Increase (decrease) in cash, cash equivalents and restricted cash	471	86
Cash, cash equivalents and restricted cash as of beginning of the period	1,294	786
Cash, cash equivalents and restricted cash as of end of the period	1,765	872
Cash, cash equivalents and restricted cash are comprised of:
Cash and cash equivalents	1,756	785
Cash and cash equivalents classified as assets held for sale or distribution	9	85
Restricted cash included within other current assets	0	2
Cash, cash equivalents and restricted cash as of end of the period	1,765	872
Cash paid (received):
Interest	344	448
Income taxes (refunded) paid	(15)	71
Reynolds Consumer Products
Cash provided by (used in) financing activities
Cash held by Reynolds Consumer Products / Graham Packaging Company at the time of distribution	(31)	0
Graham Packaging Company Inc.
Cash provided by (used in) financing activities
Cash held by Reynolds Consumer Products / Graham Packaging Company at the time of distribution	$ (79)	$ 0

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2019
Operating lease right-of-use assets, net	$ 237		$ 359
Operating lease, liability			$ 370
Right-of-use assets and lease liabilities recorded during period	$ 127	$ 73
Reynolds Consumer Products Inc. \| Discontinued Operations
Shares repurchased and canceled during the period (in shares)	35,791,985
Ownership interest transferred	100.00%
Graham Packaging Company Inc. \| Discontinued Operations
Shares repurchased and canceled during the period (in shares)	14,036,726
Ownership interest transferred	100.00%

Nature of Operations and Basis of Presentation

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

Note 1 - Nature of Operations and Basis of Presentation

The accompanying condensed consolidated financial statements comprise the accounts of Pactiv Evergreen Inc. ("PTVE") (formerly known as Reynolds Group Holdings Limited) and its subsidiaries (“we”, “us”, “our” or the "Company").

We are a manufacturer and supplier of fresh food and beverage packaging products, primarily in North America. We report our business in three reportable segments: Foodservice, Food Merchandising and Beverage Merchandising. Our Foodservice segment manufactures a broad range of products that enable consumers to eat and drink where they want and when they want with convenience. Our Food Merchandising segment manufactures products that protect and attractively display food while preserving freshness. Our Beverage Merchandising segment manufactures cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets.

On September 21, 2020, we completed the initial public offering ("IPO") of our common stock pursuant to a Registration Statement on Form S-1 (File No. 333-248250).

Prior to the closing of the IPO, we completed the following transactions which resulted in changes to our common stock and issued and outstanding shares:


•	On September 16, 2020, the distribution of all of our shares in GPCI to PFL in consideration for the buy-back of 14,036,726 of our outstanding shares;


•	On September 17, 2020, the conversion of Reynolds Group Holdings Limited into PTVE, a corporation incorporated in the state of Delaware, with 1,000 shares of common stock issued and outstanding; and


•	On September 21, 2020, the consummation of a stock split pursuant to which each share of our outstanding common stock was reclassified into 134,408 shares of common stock, resulting in 134,408,000 shares issued and outstanding.

These transactions have been retrospectively reflected for all periods presented.

In the IPO, we sold 41,026,000 shares of common stock at a public offering price of $14.00 per share, with net proceeds of $546 million. On October 20, 2020, we sold 1,723,710 shares of common stock to the underwriters pursuant to their option to purchase additional shares at the public offering price of $14.00 per share, with net proceeds of $23 million.

These condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Our condensed consolidated balance sheet as of December 31, 2019 has been derived from our audited consolidated financial statements as of that date. Our condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2019, which include a complete set of footnote disclosures, including our significant accounting policies. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. All intercompany accounts and transactions have been eliminated in consolidation.

Unless otherwise indicated, information in these notes to the condensed consolidated financial statements relates to our continuing operations. Certain of our operations have been presented as discontinued. We present businesses that represent components as discontinued operations when the components either meet the criteria as held for sale or are sold or distributed, and their expected or actual disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. As discussed in Note 3 - Discontinued Operations, the assets, liabilities, results of operations and supplemental cash flow information of substantially all of our Closures business, sold in December 2019, all of our former Reynolds Consumer Products ("RCP") segment, distributed in February 2020, and all of our former Graham Packaging ("GPC") segment, distributed in September 2020, are presented as discontinued operations for all periods presented. Sales from our continuing operations to our discontinued operations previously eliminated in consolidation have been recast as external revenues and are included in net revenues within operating income from continuing operations. Refer to Note 18 - Related Party Transactions for further information.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could differ from what was anticipated in those estimates, which could materially affect our results of operations and balance sheet. Among other effects, such changes could result in future impairments of goodwill, intangibles and long-lived assets, and adjustments to reserves for employee benefits and income taxes. The estimated recoverable amounts associated with asset impairments recognized in all periods presented represents a Level 3 measurement in the fair value hierarchy, which includes inputs that are not based on observable market data. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could differ from what was anticipated in those estimates, which could materially affect our results of operations and financial condition. For example, the worldwide COVID-19 pandemic has had, and will continue to have, a significant impact on our results of operations, and it may also have additional far-reaching impacts on many aspects of our operations including the impact on customer behaviors, business and manufacturing operations, our employees, and the market in general. The extent to which the COVID-19 pandemic impacts our business, financial condition, results of operations, cash flows and liquidity may differ from management’s current estimates due to inherent uncertainties regarding the duration and further spread of the outbreak, actions taken to contain the virus, as well as, how quickly and to what extent normal economic and operating conditions can resume. Share Repurchases When accounting for a share repurchase and retirement of shares, including in connection with transactions that are deemed to be a reverse stock split, we record the repurchase as a reduction of common stock and additional paid in capital. The reduction in common stock represents the par value of the canceled shares, and the reduction in additional paid in capital is the lower of the excess of the repurchase amount over the par value of the repurchased shares or the pro rata portion of additional paid in capital, based on the number of shares retired as a percentage of total shares outstanding prior to the repurchase. Any residual excess of the repurchase amount over the reduction in additional paid in capital is presented as a reduction to retained earnings. Variable Interest Entities Until termination of our $450 million securitization facility (the “Securitization Facility”) in July 2020, we had a variable interest in one variable interest entity ("VIE") related to our non-recourse factoring arrangements in which receivables were sold from certain of our operations to a special purpose trust (“SPE”) in exchange for cash. We were the sole beneficiary of the SPE. The SPE was considered to be a VIE and we were its primary beneficiary as we had the power to direct its activities and the right to receive its benefits. Prior to July 2020, we consolidated the results, assets and liabilities of this SPE for all periods presented in these condensed consolidated financial statements. As a result of consolidating the SPE, we continued to recognize the trade receivables and external borrowings of this entity with carrying values of $789 million (including $469 million presented within assets held for sale or distribution) and $420 million, respectively, as of December 31, 2019. The obligations of the SPE were non-recourse to us and only the assets of the SPE could be used to settle those obligations. For more information regarding the Securitization Facility, refer to Note 10 - Debt. Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2019-04, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments - Codification Improvements (Topic 825), ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief (Topic 326), ASU 2019-11, Codification Improvements, Financial Instruments - Credit Losses (Topic 326) and ASU 2020-03, Codification Improvements to Financial Instruments. These ASUs modify the impairment model to use an expected loss methodology in place of the currently used incurred loss methodology, which may result in earlier recognition of losses related to financial instruments. These ASUs are effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and require a cumulative effect adjustment to the balance sheet upon adoption. We adopted these standards on January 1, 2020 and they had no material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Change to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. This ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We adopted this guidance on January 1, 2020 and it had no material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019, with early adoption permitted. We adopted this standard on January 1, 2020 and it had no material impact on our condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We early adopted this guidance on January 1, 2020. Certain components of this guidance were adopted on a prospective basis. The remaining components were adopted on a modified retrospective basis and had no material impact on our condensed consolidated financial statements and related disclosures. Accounting Guidance Issued But Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) Disclosure - Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The ASU requires sponsors of defined benefit pension or other postretirement plans to provide additional disclosures, including a narrative description of reasons for any significant gains or losses impacting the benefit obligation for the period. It also eliminates certain previous disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and must be applied on a retrospective basis to all periods presented. The requirements of this guidance are expected to impact our disclosures but have no impact on the measurement and recognition of amounts in our condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective upon issuance and generally can be applied through the end of calendar year 2022. We are currently evaluating the impact and whether we plan to adopt the optional expedients and exceptions provided under this new standard. We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements.

Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 3 - Discontinued Operations

Our discontinued operations comprise substantially all of our Closures business, all of our former RCP business and all of our former GPC business.

On September 30, 2019, we determined that our North American and Japanese closures businesses met the criteria to be classified as a discontinued operation and, as a result, their historical financial results have been reflected in our condensed consolidated financial statements as a discontinued operation. We ceased recording depreciation and amortization on these assets from September 30, 2019. We did not allocate any general corporate overhead to this discontinued operation. On December 20, 2019, we completed the sale of our North American and Japanese closures businesses to a third party. These operations represented substantially all of our Closures business. We received preliminary cash proceeds of $611 million. In June 2020, the post-closing adjustments were finalized and we received additional cash sale proceeds of $8 million.

On February 4, 2020, we distributed our interest in the operations that represented our former RCP business to our shareholder, PFL. The distribution was effected in a tax-free manner. The distribution occurred prior to and in preparation for the IPO of shares of common stock of RCPI ("RCPI IPO"), which was completed on February 4, 2020. To effect the distribution of RCP, we bought back 35,791,985 of our shares from PFL, in consideration of us transferring all of our shares in RCPI to PFL. Upon the distribution of RCPI to PFL, we determined that our former RCP business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results have been reflected in our condensed consolidated financial statements as a discontinued operation and its assets and liabilities have been classified as assets and liabilities held for sale or distribution as of December 31, 2019. We did not allocate any general corporate overhead to this discontinued operation.

Immediately prior to its distribution and the RCPI IPO, RCP incurred $2,475 million of term loan borrowings under its new post-IPO credit facilities and $1,168 million of borrowings under an IPO settlement facility, which was subsequently repaid with the net proceeds from the RCPI IPO on February 4, 2020. We have not provided any guarantees or security in relation to RCP's external borrowings. The cash proceeds of the external borrowings, net of transaction costs and original issue discount, along with cash on-hand, were used to settle various intercompany balances between RCP and us.

In August 2020, GPCI entered into new external borrowings under which only GPC entities are borrowers, and incurred $1,985 million of external borrowings. We have not provided any guarantees or security in relation to GPC’s new external borrowings. The cash proceeds of the external borrowings, net of transaction costs and original issue discount, were used to settle various intercompany balances between GPC and us, and the remaining cash balance was distributed to us.

On September 16, 2020, we distributed our interest in the operations that represented our former GPC business to our shareholder, PFL. The distribution was effected in a tax-free manner. The distribution occurred prior to and in preparation for our IPO, which was completed on September 21, 2020. To effect the distribution of GPC, we bought back 14,036,726 of our shares from PFL, in consideration of us transferring all of our shares in GPCI to PFL. Upon the distribution of GPCI to PFL, we determined that our former GPC business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results have been reflected in our condensed consolidated financial statements as a discontinued operation and its assets and liabilities have been classified as assets and liabilities held for sale or distribution as of December 31, 2019. We did not allocate any general corporate overhead to this discontinued operation.

The following is a summary of the RCP assets and liabilities distributed on February 4, 2020 and a summary of the GPC assets and liabilities distributed on September 16, 2020:



	RCP As of February 4, 2020		GPC As of September 16, 2020
	(in millions)
Assets
Cash, cash equivalents and restricted cash	$	31	$	79
Current assets	699		448
Noncurrent assets	3,630		3,461
	$	4,360	$	3,988
Liabilities
Current liabilities	$	1,467	$	292
Noncurrent liabilities	2,847		2,518
	$	4,314	$	2,810
Net assets distributed	$	46	$	1,178

Income from discontinued operations, which includes the results of GPC through September 16, 2020, the results of RCP through February 4, 2020 and the results of GPC, RCP and Closures for the three and nine months ended September 30, 2019, was as follows:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Net revenues	$	396		$	1,249		$	1,510		$	3,788
Cost of sales	(331		)	(937		)	(1,234		)	(2,868		)
Gross profit	65			312			276			920
Selling, general and administrative expenses	(52		)	(159		)	(179		)	(422		)
Goodwill impairment charges	—			(9		)	—			(9		)
Restructuring, asset impairment and other related charges	(4		)	(46		)	(13		)	(66		)
Interest expense, net⁽¹⁾	(32		)	(47		)	(54		)	(142		)
Other expense, net	—			(6		)	(3		)	(8		)
(Loss) income before income taxes from discontinued operations	(23		)	45			27			273
Income tax (expense) benefit	(193		)	46			(275		)	(3		)
Net (loss) income from discontinued operations, before gain on disposal	(216		)	91			(248		)	270
Gain on disposal, net of income taxes	—			—			14			—
Net (loss) income from discontinued operations	$	(216	)	$	91		$	(234	)	$	270


(1)	Includes interest expense and amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCP, as well as interest and transaction costs related to debt incurred by GPCI in August 2020; also includes a $5 million loss on extinguishment of debt from the repayment of corporate level debt on February 4, 2020.

The income tax provision related to our discontinued operations for the three and nine months ended September 30, 2020 was not materially impacted by the new provisions of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and thus was attributed a disproportionately higher estimated annualized effective rate. This interim tax expense will largely reverse during the remainder of the year ending December 31, 2020.

The (loss) income from discontinued operations includes depreciation and amortization expenses of $52 million and $97 million for the three months ended September 30, 2020 and 2019, respectively, and $178 million and $286 million for the nine months ended September 30, 2020 and 2019, respectively.

The (loss) income from discontinued operations for the three and nine months ended September 30, 2020 and 2019 includes asset impairment charges of $1 million, $2 million, $9 million and $25 million, respectively, and restructuring and other related charges of $3 million, $11 million, $5 million and $7 million, respectively, arising from the ongoing rationalization of GPC's manufacturing footprint, which are included in restructuring, asset impairment and other related charges in the above table.

The income from discontinued operations for the three and nine months ended September 30, 2019 includes a goodwill impairment charge of $9 million arising from the assessment of the recoverable amount of goodwill for our closures reporting unit as well as an asset impairment charge of $31 million relating to the write-down of the closures disposal group to its estimated recoverable amount, which is included in restructuring, asset impairment and other related charges in the above table.

We have no significant continuing involvement in relation to the sold North American and Japanese closures businesses or GPC.

Subsequent to February 4, 2020, we continue to trade with RCP in the ordinary course of business. These transactions arise under agreements that expire on December 31, 2024, but may be renewed between the parties at this time. Refer to Note 18 - Related Party Transactions.

Assets and liabilities held for sale or distribution in relation to our discontinued operations were as follows:



	As of December 31, 2019
	(in millions)
Cash and cash equivalents	$	137
Accounts receivable, net	489
Inventories	559
Other current assets	47
Total current assets held for sale or distribution	$	1,232

Property, plant and equipment, net	$	1,309
Operating lease right-of-use assets, net	150
Goodwill	3,173
Intangible assets, net	2,470
Other noncurrent assets	41
Total noncurrent assets held for sale or distribution	$	7,143

Accounts payable	$	243
Accrued and other current liabilities	242
Total current liabilities held for sale or distribution	$	485

Long-term operating lease liabilities	$	126
Deferred income taxes	731
Long-term employee benefit obligations	57
Other noncurrent liabilities	78
Total noncurrent liabilities held for sale or distribution	$	992

Cash flows from discontinued operations were as follows:



	For the Nine Months Ended September 30,
	2020			2019
	(in millions)
Net cash provided by operating activities	$	175		$	523
Net cash used in investing activities	(122		)	(214		)
Net cash provided by financing activities	2,441			—
Net cash from discontinued operations	$	2,494		$	309

Note 4 - Assets and Liabilities Held for Sale

During the three months ended September 30, 2020, we committed to a plan to sell the remaining South American closures businesses included in the Other operating segment. As a result, we classified the assets and liabilities of these businesses as held for sale and recognized a pre-tax charge to earnings of $11 million within restructuring, asset impairment and other related charges

for the three months ended September 30, 2020. See Note 5 - Impairment, Restructuring and Other Related Charges for additional details.

The operations of the South American closures businesses did not meet the criteria to be presented as discontinued operations and are expected to be sold within the next twelve months.

The carrying amounts of the major classes of the South American closures businesses’ assets and liabilities as of September 30, 2020 included the following:



	As of September 30, 2020
	(in millions)
Cash and cash equivalents	$	9
Accounts receivable, net	11
Inventories	3
Other current assets	1
Property, plant and equipment, net	8
Intangible assets, net	2
Held for sale valuation allowance	(11		)
Total current assets held for sale or distribution	$	23

Accounts payable	$	3
Accrued and other current liabilities	3
Other noncurrent liabilities	2
Total current liabilities held for sale or distribution	$	8

The South American closures businesses' income from operations before income taxes for the three and nine months ended September 30, 2020 was insignificant.

In addition to the above, noncurrent assets held for sale or distribution as of September 30, 2020 included $41 million related to our corporate office building that was sold in a sale-leaseback transaction in October 2020.

Assets and Liabilities Held for Sale

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

Note 3 - Discontinued Operations

Our discontinued operations comprise substantially all of our Closures business, all of our former RCP business and all of our former GPC business.

The following is a summary of the RCP assets and liabilities distributed on February 4, 2020 and a summary of the GPC assets and liabilities distributed on September 16, 2020:



	RCP As of February 4, 2020		GPC As of September 16, 2020
	(in millions)
Assets
Cash, cash equivalents and restricted cash	$	31	$	79
Current assets	699		448
Noncurrent assets	3,630		3,461
	$	4,360	$	3,988
Liabilities
Current liabilities	$	1,467	$	292
Noncurrent liabilities	2,847		2,518
	$	4,314	$	2,810
Net assets distributed	$	46	$	1,178



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Net revenues	$	396		$	1,249		$	1,510		$	3,788
Cost of sales	(331		)	(937		)	(1,234		)	(2,868		)
Gross profit	65			312			276			920
Selling, general and administrative expenses	(52		)	(159		)	(179		)	(422		)
Goodwill impairment charges	—			(9		)	—			(9		)
Restructuring, asset impairment and other related charges	(4		)	(46		)	(13		)	(66		)
Interest expense, net⁽¹⁾	(32		)	(47		)	(54		)	(142		)
Other expense, net	—			(6		)	(3		)	(8		)
(Loss) income before income taxes from discontinued operations	(23		)	45			27			273
Income tax (expense) benefit	(193		)	46			(275		)	(3		)
Net (loss) income from discontinued operations, before gain on disposal	(216		)	91			(248		)	270
Gain on disposal, net of income taxes	—			—			14			—
Net (loss) income from discontinued operations	$	(216	)	$	91		$	(234	)	$	270


(1)	Includes interest expense and amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCP, as well as interest and transaction costs related to debt incurred by GPCI in August 2020; also includes a $5 million loss on extinguishment of debt from the repayment of corporate level debt on February 4, 2020.

We have no significant continuing involvement in relation to the sold North American and Japanese closures businesses or GPC.

Assets and liabilities held for sale or distribution in relation to our discontinued operations were as follows:



	As of December 31, 2019
	(in millions)
Cash and cash equivalents	$	137
Accounts receivable, net	489
Inventories	559
Other current assets	47
Total current assets held for sale or distribution	$	1,232

Property, plant and equipment, net	$	1,309
Operating lease right-of-use assets, net	150
Goodwill	3,173
Intangible assets, net	2,470
Other noncurrent assets	41
Total noncurrent assets held for sale or distribution	$	7,143

Accounts payable	$	243
Accrued and other current liabilities	242
Total current liabilities held for sale or distribution	$	485

Long-term operating lease liabilities	$	126
Deferred income taxes	731
Long-term employee benefit obligations	57
Other noncurrent liabilities	78
Total noncurrent liabilities held for sale or distribution	$	992

Cash flows from discontinued operations were as follows:



	For the Nine Months Ended September 30,
	2020			2019
	(in millions)
Net cash provided by operating activities	$	175		$	523
Net cash used in investing activities	(122		)	(214		)
Net cash provided by financing activities	2,441			—
Net cash from discontinued operations	$	2,494		$	309

Note 4 - Assets and Liabilities Held for Sale

for the three months ended September 30, 2020. See Note 5 - Impairment, Restructuring and Other Related Charges for additional details.

The operations of the South American closures businesses did not meet the criteria to be presented as discontinued operations and are expected to be sold within the next twelve months.

The carrying amounts of the major classes of the South American closures businesses’ assets and liabilities as of September 30, 2020 included the following:



	As of September 30, 2020
	(in millions)
Cash and cash equivalents	$	9
Accounts receivable, net	11
Inventories	3
Other current assets	1
Property, plant and equipment, net	8
Intangible assets, net	2
Held for sale valuation allowance	(11		)
Total current assets held for sale or distribution	$	23

Accounts payable	$	3
Accrued and other current liabilities	3
Other noncurrent liabilities	2
Total current liabilities held for sale or distribution	$	8

The South American closures businesses' income from operations before income taxes for the three and nine months ended September 30, 2020 was insignificant.

Impairment, Restructuring and Other Related Charges

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Impairment, Restructuring and Other Related Charges

Note 5 - Impairment, Restructuring and Other Related Charges

During the three months ended September 30, 2020, we recorded the following impairment, restructuring and other related charges:



	Goodwill impairment		Other asset impairment		Employee terminations		Total
	(in millions)
Foodservice	$	—	$	—	$	1	$	1
Food Merchandising	—		1		—		1
Other	6		12		—		18
Total	$	6	$	13	$	1	$	20

For the three months ended September 30, 2020, we recorded non-cash impairment charges of $19 million, primarily comprised of $6 million related to goodwill and an $11 million impairment charge, both in relation to our South American closures businesses, which are reported within Other. Following these impairments, goodwill was fully impaired and the carrying value of the South American remaining closures businesses were reduced to fair value, as presented in Note 4 - Assets and Liabilities Held for Sale. The impairments arose primarily as a result of the strategic decision to sell the South American closure businesses in addition to

the negative impact from current market conditions and outlook for the operations of the remaining closures businesses. The estimated recoverable amounts, or fair value, were determined based on a capitalization of earnings methodology, using Adjusted EBITDA expected to be generated multiplied by an earnings multiple. The key assumptions in developing Adjusted EBITDA include management’s assessment of future trends in the industry and are based on both external and internal sources. The forecasted 2021 Adjusted EBITDA for the remaining closures operations was prepared using certain key assumptions including selling prices, sales volumes and costs of raw materials. Earnings multiples reflect recent sale and purchase transactions and comparable company trading multiples in the same industry. These estimates represent a Level 3 measurement in the fair value hierarchy, which includes inputs that are not based on observable market data. For the three months ended September 30, 2020, we recorded $1 million in employee termination costs.

During the nine months ended September 30, 2020, we recorded the following impairment, restructuring and other related charges:



	Goodwill impairment		Other asset impairment		Employee terminations		Other restructuring charges		Total
	(in millions)
Foodservice	$	—	$	1	$	1	$	1	$	3
Food Merchandising	—		1		—		—		1
Beverage Merchandising	—		—		1		—		1
Other	6		12		1		—		19
Total	$	6	$	14	$	3	$	1	$	24

For the nine months ended September 30, 2020, in addition to the impairments discussed above, we also recorded $3 million of employee termination and other restructuring costs.

During the three months ended September 30, 2019, we recorded the following impairment, restructuring and other related charges:



	Goodwill impairment		Other asset impairment		Employee terminations		Total
	(in millions)
Foodservice	$	—	$	1	$	—	$	1
Other	16		37		1		54
Total	$	16	$	38	$	1	$	55

For the three months ended September 30, 2019, we recorded non-cash impairment charges of $54 million, primarily comprised of $29 million related to property, plant and equipment, $16 million for goodwill, $5 million related to operating lease right-of-use assets and $3 million for customer relationships, in our remaining closures businesses which are reported above in Other. Following these impairments, the remaining carrying values of property, plant and equipment, goodwill, operating lease right-of-use assets and customer relationships were $17 million, $6 million, $3 million and $4 million, respectively. The impairments arose as a result of various commercial dis-synergies triggered by the separation of these remaining businesses from the closures operations that were sold, as discussed in Note 3 - Discontinued Operations. The estimated recoverable amounts, or fair value, were determined based on a capitalization of earnings methodology, using Adjusted EBITDA expected to be generated multiplied by an earnings multiple. The key assumptions in developing Adjusted EBITDA include management’s assessment of future trends in the industry and are based on both external and internal sources. The forecasted 2019 Adjusted EBITDA for the remaining closures operations was prepared using certain key assumptions including selling prices, sales volumes and costs of raw materials. Earnings multiples reflect recent sale and purchase transactions and comparable company trading multiples in the same industry. These estimates represent a Level 3 measurement in the fair value hierarchy, which includes inputs that are not based on observable market data. For the three months ended September 30, 2019, we recorded $1 million in employee termination costs.

During the nine months ended September 30, 2019, we recorded the following impairment, restructuring and other related charges:



	Goodwill impairment		Other asset impairment		Employee terminations		Total
	(in millions)
Foodservice	$	—	$	1	$	—	$	1
Food Merchandising	—		4		—		4
Other	16		37		3		56
Total	$	16	$	42	$	3	$	61

For the nine months ended September 30, 2019, in addition to the impairments discussed above, we also recorded non-cash impairment charges of $4 million in aggregate relating to obsolete property, plant and equipment in respect of our Foodservice and Food Merchandising segments, as well as $2 million relating to employee termination costs. The aggregate of the remaining carrying values of the assets impaired at Foodservice and Food Merchandising was $1 million.

The following tables summarize the changes to our restructuring liability for the nine months ended September 30, 2020:



	December 31, 2019		Charges to earnings		Cash paid			September 30, 2020
	(in millions)
Employee termination costs	$	1	$	3	$	(3	)	$	1
Total	$	1	$	3	$	(3	)	$	1

We expect to settle our restructuring liability within twelve months.

Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Note 6 - Inventories

The components of inventories consisted of the following:



	As of September 30, 2020		As of December 31, 2019
	(in millions)
Raw materials	$	167	$	168
Work in progress	101		106
Finished goods	389		397
Spare parts	87		82
Inventories	$	744	$	753

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Note 7 - Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:



	As of September 30, 2020			As of December 31, 2019
	(in millions)
Land and land improvements	$	85		$	92
Buildings and building improvements	518			551
Machinery and equipment	3,043			2,973
Construction in progress	229			204
Property, plant and equipment, at cost	3,875			3,820
Less: accumulated depreciation	(2,209		)	(2,117		)
Property, plant and equipment, net	$	1,666		$	1,703

Depreciation expense related to property, plant and equipment was recognized in the following components in the condensed consolidated statements of income (loss):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Cost of sales	$	54	$	51	$	157	$	148
Selling, general and administrative expenses	4		3		14		8
Total depreciation expense	$	58	$	54	$	171	$	156

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8 - Goodwill and Intangible Assets

Goodwill by reportable segment was as follows:



	Foodservice⁽¹⁾		Food Merchandising⁽¹⁾		Beverage Merchandising		Other⁽²⁾			Total
	(in millions)
Balance as of December 31, 2019	$	924	$	770	$	66	$	6		$	1,766
Impairment charges	—		—		—		(6		)	(6		)
Balance as of September 30, 2020	$	924	$	770	$	66	$	—		$	1,760
Accumulated impairment losses	$	—	$	—	$	—	$	22		$	22


(1)	The information presented above reflects the retrospective application of the March 2020 change in segments. See Note 17 - Segment Information for further details.


(2)	Other includes operations that do not meet the quantitative threshold for reportable segments.

Refer to Note 5 - Impairment, Restructuring and Other Related Charges for information related to goodwill impairment charges.

Intangible assets, net consisted of the following:



	As of September 30, 2020							As of December 31, 2019
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	1,015	$	(525	)	$	490	$	1,026	$	(494	)	$	532
Other	20		(18		)	2		21		(18		)	3
Total finite-lived intangible assets	$	1,035	$	(543	)	$	492	$	1,047	$	(512	)	$	535

Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other	58		—			58		58		—			58
Total indefinite-lived intangible assets	$	612	$	—		$	612	$	612	$	—		$	612
Total intangible assets	$	1,647	$	(543	)	$	1,104	$	1,659	$	(512	)	$	1,147

Amortization expense related to intangible assets of $15 million and $14 million for the three months ended September 30, 2020 and 2019, respectively, and $42 million and $42 million for the nine months ended September 30, 2020 and 2019, respectively, was recognized in selling, general and administrative expenses in the condensed consolidated statements of income (loss).

Accrued and Other Current Liabilities

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Note 9 - Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:



	As of September 30, 2020		As of December 31, 2019
	(in millions)
Accrued personnel costs	$	115	$	108
Accrued interest	41		115
Accrued rebates and credits	66		67
Other⁽¹⁾	120		128
Accrued and other current liabilities	$	342	$	418

(1) Other includes items such as accruals for freight, utilities and property and other non-income related taxes.

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

Note 10 - Debt

Debt consisted of the following:



	As of September 30, 2020			As of December 31, 2019
	(in millions)
Securitization Facility	$	—		$	420
Credit Agreement	2,487			3,487
Notes:
5.750% Senior Secured Notes due 2020	—			3,137
Floating Rate Senior Secured Notes due 2021	—			750
5.125% Senior Secured Notes due 2023	1,599			1,600
7.000% Senior Notes due 2024	650			800
Pactiv Debentures:
7.950% Debentures due 2025	276			276
8.375% Debentures due 2027	200			200
Other	13			15
Total principal amount of borrowings	5,225			10,685
Deferred financing transaction costs	(23		)	(46		)
Original issue discounts, net of premiums	(4		)	(9		)
	5,198			10,630
Less: current portion	(2		)	(3,587		)
Long-term debt	$	5,196		$	7,043

Securitization Facility

Until its termination on July 31, 2020, we had a $450 million securitization facility (the “Securitization Facility”) that was scheduled to mature on March 22, 2022. Prior to its distribution, RCP ceased to participate in our Securitization Facility, and consequently in January 2020, the size of this facility was reduced from $600 million to $450 million and the outstanding borrowings were reduced to $397 million. In February 2020, we made an additional repayment of $17 million reducing the outstanding borrowings to $380 million. On July 31, 2020, we repaid the outstanding amount of $380 million and terminated the facility. The Securitization Facility was secured by all of the assets of the borrower, which were primarily the eligible trade receivables and cash. The terms of the arrangement did not result in the derecognition of the trade receivables. The Securitization Facility had an interest rate equal to one-month LIBOR with a 0.0% floor, plus a margin of 1.75% per annum.

Credit Agreement

Certain subsidiaries of the Company are parties to a senior secured credit agreement dated August 5, 2016 as amended (the "Credit Agreement").

The Credit Agreement comprises the following term and revolving tranche:



	Currency	Maturity date	Value drawn or utilized as of September 30, 2020 (in millions)	Applicable interest rate as of September 30, 2020
Term Tranches
U.S. term loans	$	February 5, 2023	2,487	LIBOR (floor of 0.000%) + 2.750%
Revolving Tranche⁽¹⁾
U.S. Revolving Loans	$	August 5, 2021	47	—


(1)	The Revolving Tranche represents a $302 million facility. The amount utilized is in the form of letters of credit.

In January 2020, we repaid $18 million of borrowings under the Credit Agreement with the net proceeds from the sale of our North American and Japanese closures businesses.

On August 4, 2020, we repaid in full €236 million ($279 million) of borrowings under the European term loans and all obligations under this tranche terminated. The early repayment of these borrowings resulted in a loss on extinguishment of debt of less than $1 million in respect of the write-off of unamortized deferred financing transaction costs, which was recognized in interest expense, net in the condensed consolidated statements of income (loss).

On August 4, 2020, we repaid $700 million of borrowings under the U.S. term loans.

The weighted average contractual interest rates related to our U.S. term loans as of September 30, 2020 and 2019, were 3.71% and 5.16%, respectively. The effective interest rates of our debt obligations under the Credit Agreement are not materially different from the contractual interest rates.

Certain of our subsidiaries have guaranteed on a senior basis the obligations under the Credit Agreement and related documents to the extent permitted by law. The guarantors have granted security over substantially all of their assets to support the obligations under the Credit Agreement. This security is expected to be shared on a first priority basis with the note holders under the 5.125% Senior Secured Notes due 2023 ("5.125% Notes”).

Indebtedness under the Credit Agreement may be voluntarily repaid in whole or in part and must be mandatorily repaid in certain circumstances. Following the August 4, 2020 $700 million repayment, the borrowers are no longer required to make quarterly amortization payments in respect of the U.S. term loans referred to above. The borrowers are required to make annual prepayments of term loans with up to 50% of excess cash flow (which will be reduced to 25% or 0% if specified senior secured first lien leverage ratios are met) as determined in accordance with the Credit Agreement. No excess cash flow prepayments were due in 2019 for the year ended December 31, 2018 or are due in 2020 for the year ended December 31, 2019.

Notes

Outstanding notes, as of September 30, 2020, are summarized below:



Description	Maturity date	Semi-annual interest payment dates
5.125% Senior Secured Notes due 2023⁽¹⁾	July 15, 2023	January 15 and July 15
7.000% Senior Notes due 2024	July 15, 2024	January 15 and July 15


(1)	$250 million aggregate principal amount of 5.125% Notes were issued at an issue price of 103.500%.

The effective interest rate is not materially different from the contractual interest rates.

Between December 31, 2019 and September 30, 2020, we made the following repayments on our notes:


•	In January 2020, we repaid (i) $18 million aggregate principal amount of 5.750% Senior Secured Notes due 2020; (ii) $1 million aggregate principal amount of Floating Rate Senior Secured Notes due 2021; and (iii) $1 million aggregate principal amount of 5.125% Notes, at face value, with the net proceeds from the sale of our North American and Japanese closures businesses.


•	On February 4, 2020, we repaid in full the $3.1 billion aggregate principal amount outstanding of our 5.750% Senior Secured Notes due 2020 at face value. The repayment of these borrowings resulted in a $5 million loss on extinguishment of debt. Refer to Note 3 - Discontinued Operations.

•

On August 4, 2020, we repaid $749 million aggregate principal amount outstanding under the Floating Rate Senior Secured Notes due 2021 at face value. The early repayment of these notes resulted in a loss on extinguishment of debt of $4 million in respect of the write-off of unamortized deferred financing transaction costs and original issue discount, which was recognized in interest expense, net in the condensed consolidated statements of income (loss). On August 7, 2020, we

terminated and settled the outstanding interest rate swap related to the Floating Rate Senior Secured Notes due 2021, resulting in the payment of $7 million to settle the liability.

•

On August 29, 2020, we repaid $150 million aggregate principal amount of the 7.000% Senior Notes due 2024 (“7.000% Notes”) at a price of 101.750%. The early repayment of these notes resulted in a loss on extinguishment of debt of $4 million in respect of the write-off of unamortized deferred financing transaction costs and the premium on redemption, which was recognized in interest expense, net in the condensed consolidated statements of income (loss).

Subsequent events related to debt

In connection with our IPO, but subsequent to September 30, 2020, the following debt transactions and repayments occurred:

•

On October 1, 2020 we issued $1,000 million aggregate principal amount of 4.000% Senior Secured Notes maturing on October 15, 2027 (“4.000% Notes”). The notes are guaranteed and secured on a senior basis by the same subsidiaries that guarantee and secure the obligations under our Credit Agreement and our 5.125% Notes. The proceeds from the new notes were used to repay indebtedness, as described below, and pay related transaction costs.

•

On October 1, 2020, we incurred $1,250 million of new term loans maturing on February 5, 2026 and obtained commitments for a new $250 million senior secured revolving credit facility maturing on August 5, 2024. The new term loans have an interest rate equal to one-month LIBOR with a 0.0% floor, plus a margin of 3.25% per annum. The proceeds from the new term loans were used to refinance a portion of our existing term loans, as described below, and to pay related transaction costs. The new revolving credit facility replaced our existing $302 million revolving credit facility.


•	During October 2020, we repaid an aggregate of $3,400 million principal amount of borrowings from the net proceeds of our IPO, new borrowings described above and cash on hand. These repayments comprised:


◦	$650 million of our 7.000% Notes, resulting in the extinguishment of these notes;


◦	$1,470 million of our 5.125% Notes; and


◦	$1,280 million of existing term loans maturing in February 2023.

These repayments will result in a loss of $51 million in respect of the write-off of unamortized deferred transaction costs and call premiums and third party fees recorded in the fourth quarter.


•	On October 23, 2020, we issued a redemption notice to redeem $70 million aggregate principal amount of 5.125% Notes at a price of 101.281%. The redemption payment is scheduled to occur on November 23, 2020.

Assets pledged as security for borrowings

We, and certain of our subsidiaries, have pledged substantially all of our assets as collateral to support the obligations under the Credit Agreement and the 5.125% Notes.

Guarantee and security arrangements

All of the guarantors of the Credit Agreement have guaranteed the obligations under the notes to the extent permitted by law.

The guarantors have granted security over substantially all of their assets to support the obligations under the 5.125% Notes. This security is expected to be shared on a first priority basis with the creditors under the Credit Agreement.

On February 4, 2020 and August 4, 2020, the relevant legal entities within RCP and GPC, respectively, were released as borrowers under the Credit Agreement, unconditionally released as guarantors of the Credit Agreement, and released as guarantors of the notes. In connection with such releases, the security granted by such entities was also released.

Pactiv Debentures

As of September 30, 2020, we had outstanding the following debentures (together, the “Pactiv Debentures”):



Description	Maturity date	Semi-annual interest payment dates
7.950% Debentures due 2025	December 15, 2025	June 15 and December 15
8.375% Debentures due 2027	April 15, 2027	April 15 and October 15

The effective interest rates of our debt obligations under the Pactiv Debentures are not materially different from the contractual interest rates.

Other borrowings

Other borrowings include finance lease obligations of $13 million and $15 million as of September 30, 2020 and December 31, 2019, respectively.

Scheduled maturities

Below is a schedule of required future repayments on our debt outstanding as of September 30, 2020:



	(in millions)
2020	$	1
2021	2
2022	3
2023	4,087
2024	651
Thereafter	481
Total principal amount of borrowings	$	5,225

Fair value of our long-term debt

The fair value of our long-term debt as of September 30, 2020 and December 31, 2019 is a Level 2 fair value measurement. Below is a schedule of carrying values and fair values of our debt outstanding as of September 30, 2020 and December 31, 2019:



	As of September 30, 2020				As of December 31, 2019
	Carrying value		Fair value		Carrying value		Fair value
	(in millions)
Securitization Facility	$	—	$	—	$	418	$	420
Credit Agreement	2,479		2,487		3,476		3,487
Notes:
5.750% Senior Secured Notes due 2020	—		—		3,130		3,144
Floating Rate Senior Secured Notes due 2021	—		—		739		753
5.125% Senior Secured Notes due 2023	1,592		1,620		1,591		1,641
7.000% Senior Notes due 2024	644		662		791		828
Pactiv Debentures:
7.950% Debentures due 2025	272		301		272		311
8.375% Debentures due 2027	198		213		198		220
Other	13		13		15		15
Total	$	5,198	$	5,296	$	10,630	$	10,819

Interest expense, net

Interest expense, net consisted of the following:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Interest expense:
Notes	$	36		$	48		$	123		$	147
Pactiv Debentures	11			11			30			30
Credit Agreement	21			44			87			134
Securitization Facility	—			4			6			13
Interest income, related party⁽¹⁾	(3		)	(4		)	(9		)	(12		)
Interest income, other	—			(5		)	(6		)	(11		)
Amortization of deferred transaction costs⁽²⁾	3			3			12			9
Derivative losses	1			3			15			20
Net foreign currency exchange losses (gains)	6			(23		)	—			(24		)
Other⁽³⁾	12			3			17			6
Interest expense, net⁽⁴⁾	$	87		$	84		$	275		$	312


(1)	Refer to Note 18 - Related Party Transactions for additional information.


(2)	The amount for the nine months ended September 30, 2020 includes an adjustment of $5 million related to prior periods.


(3)	Amounts primarily include write-offs of unamortized debt issuance costs and original issue discount premium, as well as redemption premiums.


(4)	Amounts presented in the above table exclude interest expense and amortization of deferred transaction costs related to our 5.750% Notes repaid in conjunction with the distribution of RCP, as well as interest and transaction costs related to debt held by GPCI; also excludes a $5 million loss on extinguishment of debt from the repayment of corporate level debt on February 4, 2020.

Covenants

As of September 30, 2020, we were in compliance with all of our covenants.

Financial Instruments

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Note 11 - Financial Instruments

Fair Value of Derivative Instruments

We had the following derivative instruments recorded at fair value in our condensed consolidated balance sheets:



	As of September 30, 2020					As of December 31, 2019
	Asset derivatives		Liability derivatives			Asset derivatives		Liability derivatives
	(in millions)
Interest rate swap derivatives	$	—	$	—		$	7	$	—
Commodity swap contracts	2		(2		)	1		(5		)
Total fair value	$	2	$	(2	)	$	8	$	(5	)

Recorded in:
Other current assets	$	2	$	—		$	6	$	—
Other noncurrent assets	—		—			2		—
Accrued and other current liabilities	—		(2		)	—		(5		)
Total fair value	$	2	$	(2	)	$	8	$	(5	)

Our derivatives comprise commodity swaps and previously included interest rate swaps. All derivatives represent Level 2 financial assets and liabilities. Our derivatives are valued using an income approach based on the observable market index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of these financial instruments takes into consideration the risk of non-performance, including counterparty credit risk. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with our derivatives by limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

During the three and nine months ended September 30, 2020, we recognized unrealized gains of $1 million and $3 million, respectively, compared to an unrealized loss of $1 million and an unrealized gain of $6 million in the comparable prior year periods, in cost of sales in the condensed consolidated statements of income (loss).

The following table provides the detail of outstanding commodity derivative contracts as of September 30, 2020:



Type	Unit of measure	Contracted volume	Contracted price range	Contracted date of maturity
Natural gas swaps	million BTU	1,963,628	$2.40 - $2.94	Nov 2020 - Dec 2021
Polymer-grade propylene swaps	pound	39,250,071	$0.29 - $0.39	Oct 2020 - May 2021
Benzene swaps	U.S. liquid gallon	5,251,376	$1.08 - $2.42	Nov 2020 - Jun 2021
Diesel swaps	U.S. liquid gallon	936,628	$2.41 - $3.26	Oct 2020 - Dec 2021
Low-density polyethylene swaps	pound	15,000,000	$0.52 - $0.71	Oct 2020 - Dec 2021
Ethylene swaps	pound	2,105,278	$0.26	Oct 2020 - Apr 2021

Employee Benefits

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Employee Benefits

Note 12 - Employee Benefits

Net periodic benefit income (cost) for defined benefit pension plans and other post-employment benefit plans consisted of the following:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Service cost	$	(2	)	$	(2	)	$	(5	)	$	(6	)
Interest cost	(35		)	(45		)	(105		)	(136		)
Expected return on plan assets	52			45			155			134
Amortization of prior service cost	(1		)	—			(1		)	—
Amortization of actuarial gains (losses)	1			—			1			—
Total net periodic benefit income (cost)	$	15		$	(2	)	$	45		$	(8	)

Net periodic benefit income (cost) for defined benefit pension plans and other post-employment benefit plans has been recognized in our condensed consolidated statements of income (loss) as follows:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Cost of sales	$	(1	)	$	(1	)	$	(4	)	$	(3	)
Selling, general and administrative expenses	(1		)	(1		)	(1		)	(3		)
Non-operating income (expense), net	17			—			50			(2		)
Total net periodic benefit income (cost)	$	15		$	(2	)	$	45		$	(8	)

On October 2, 2020, we made a contribution of $121 million to the Pactiv Evergreen Pension Plan (the “PEPP”) (formerly known as the Reynolds Group Pension Plan). No further contributions to the PEPP are expected to be made in 2020.

Other (Expense) Income, Net

9 Months Ended

Sep. 30, 2020

Other Income and Expenses [Abstract]

Other (Expense) Income, Net

Note 13 - Other (Expense) Income, Net

Other (expense) income, net consisted of the following:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Related party management fee⁽¹⁾	$	(44	)	$	(3	)	$	(49	)	$	(8	)
Loss on sale of businesses and noncurrent assets	(1		)	(13		)	(1		)	(24		)
Foreign exchange (losses) gains on cash⁽²⁾	(42		)	17			(14		)	17
Transition service agreement income⁽¹⁾	5			—			15			1
Other	3			1			1			7
Other (expense) income, net	$	(79	)	$	2		$	(48	)	$	(7	)


(1)	See Note 18 - Related Party Transactions for additional information.

(2)

Primarily arose from holding U.S. dollars in non-U.S. dollar functional currency entities.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14 - Commitments and Contingencies We are from time to time party to litigation, legal proceedings and tax examinations arising from our operations. Most of these matters involve allegations of damages against us relating to employment matters, personal injury and commercial or contractual disputes. We record estimates for claims and proceedings that constitute a present obligation when it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of such obligation can be made. While it is not possible to predict the outcome of any of these matters, based on our assessment of the facts and circumstances, we do not believe any of these matters, individually or in the aggregate, will have a material adverse effect on our balance sheet, results of operations or cash flows. However, actual outcomes may differ from those expected and could have a material effect on our balance sheet, results of operations or cash flows in a future period. Except for amounts provided, there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote. As part of the agreements for the sale of various businesses, we have provided certain warranties and indemnities to the respective purchasers as set out in the respective sale agreements. These warranties and indemnities are subject to various terms and conditions affecting the duration and total amount of the indemnities. As of September 30, 2020, we are not aware of any material claims under these agreements that would give rise to an additional liability. However, if such claims arise in the future, they could have a material effect on our balance sheet, results of operations and cash flows. We previously disclosed a contingency for the payment of a management fee to related parties of up to $22 million in respect of the 2009 and 2010 financial years. This management fee has now been recognized and paid in the three and nine months ended September 30, 2020. Refer to Note 18 - Related Party Transactions for further information.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 15 - Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in our balances of each component of accumulated other comprehensive loss ("AOCL"):



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Currency translation adjustments:
Balance as of beginning of period	$	(447	)	$	(425	)	$	(354	)	$	(442	)
Currency translation adjustments	65			(77		)	(30		)	(67		)
Amounts reclassified from AOCL	1			13			1			20
Other comprehensive income (loss)	66			(64		)	(29		)	(47		)
Distribution of RCP and GPC⁽¹⁾	171			—			173			—
Balance as of end of period	$	(210	)	$	(489	)	$	(210	)	$	(489	)

Defined benefit plans:
Plans associated with continuing operations
Balance as of beginning of period	$	(176	)	$	(302	)	$	(176	)	$	(258	)
Cumulative impact of adopting ASU 2018-02	—			—			—			(44		)
Balance as of end of period	$	(176	)	$	(302	)	$	(176	)	$	(302	)
Plans held for sale or distribution
Balance as of beginning of period	$	(1	)	$	13		$	12		$	11
(Gains) and losses reclassified from AOCL:
Amortization of actuarial gain⁽²⁾	—			(1		)	—			(2		)
Other comprehensive loss	—			(1		)	—			(2		)
Cumulative impact of adopting ASU 2018-02	—			—			—			3
Distribution of RCP and GPC⁽³⁾	1			—			(12		)	—
Balance as of end of period	$	—		$	12		$	—		$	12

AOCL
Balance as of beginning of period	$	(624	)	$	(714	)	$	(518	)	$	(689	)
Other comprehensive income (loss)	66			(65		)	(29		)	(49		)
Cumulative impact of adopting ASU 2018-02	—			—			—			(41		)
Distribution of RCP and GPC⁽¹⁾⁽³⁾	172			—			161			—
Balance as of end of period	$	(386	)	$	(779	)	$	(386	)	$	(779	)


(1)	Currency translation adjustment reclassifications associated with the distribution of RCP are recorded directly to additional paid in capital. Currency translation adjustment reclassifications associated with the distribution of GPC are recorded directly to retained earnings. See Note 3 - Discontinued Operations for additional details.


(2)	Amortization of actuarial gain associated with plans related to our discontinued operations is recorded in income from discontinued operations.

(3)

Defined benefit plan reclassifications associated with the distribution of RCP and GPC are recorded directly to retained earnings.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 16 - Income Taxes The effective tax rates for the three and nine months ended September 30, 2020 and 2019 represent our estimate of the effective rates expected to be applicable for the respective full fiscal years, adjusted for any discrete events which are recorded in the period that they occur. During the three months ended September 30, 2020, we recognized tax expense of $42 million on a loss from continuing operations before tax of $101 million. This effective tax rate was primarily attributable to a $105 million discrete adjustment to increase our valuation allowance for deferred interest deductions. The increase in the valuation allowance reflects the reassessment of the recoverability of our deferred interest deductions following the distribution of Graham Packaging in September 2020. During the nine months ended September 30, 2020, we recognized a tax benefit of $95 million on a loss from continuing operations before tax of $123 million. The effective tax rate is primarily attributable to the mix of income and losses taxed at varying rates among the jurisdictions in which we operate and includes the benefit of the CARES Act, primarily from the ability to utilize additional deferred interest deductions. The year to date effective tax rate also includes a $132 million return to provision benefit from our 2019 federal return, partially offset by a $105 million discrete adjustment for additional valuation allowance. The return to provision benefit was primarily attributable to the retroactive provisions of the CARES Act, enabling the utilization of additional deferred interest deductions. The increase in the valuation allowance reflects the reassessment of the recoverability of our deferred interest deductions following the distribution of Graham Packaging in September 2020. During the three months ended September 30, 2019, we recognized no tax expense on a loss from continuing operations before tax of $35 million. During the nine months ended September 30, 2019, we recognized tax expense of $16 million on a loss from continuing operations before tax of $84 million. The effective tax rates in each period were primarily attributable to additional valuation allowances, mainly in relation to the deductibility of deferred interest expense, and the mix of book income and losses among the jurisdictions in which we operate. The tax expense during the three months ended September 30, 2019, was offset by a discrete benefit as a result of filing amended returns to claim a foreign tax credit in lieu of a foreign tax deduction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

Note 17 - Segment Information

ASC 280 Segment Reporting establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in ASC 280 and in conjunction with the distribution of our former RCP segment, as of March 31, 2020, we realigned our reportable segments. As a result of this realignment and the GPC distribution on September 16, 2020, we now have three reportable segments: Foodservice, Food Merchandising and Beverage Merchandising. These reportable segments reflect the change in our operating structure and the manner in which our Chief Operating Decision Maker (“CODM”) assesses information for decision-making purposes.

The key factors used to identify these reportable segments are the organization and alignment of our internal operations and the nature of our products. This reflects how our CODM monitors performance, allocates capital and makes strategic and operational decisions. Our reportable segments are described as follows:

Foodservice

Foodservice manufactures a broad range of products that enable consumers to eat and drink where they want and when they want with convenience. Foodservice manufactures food containers, hot and cold cups and lids, tableware items and other products which make eating on-the-go more enjoyable and easy to do.

Food Merchandising

Food Merchandising manufactures products that protect and attractively display food while preserving freshness. Food Merchandising products include clear rigid-display containers, containers for prepared and ready-to-eat food, trays for meat and poultry and molded fiber cartons.

Beverage Merchandising

Beverage Merchandising manufactures cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets. Beverage Merchandising manufactures and supplies integrated fresh carton systems, which include printed cartons, spouts and filling machinery. It also produces fiber-based liquid

packaging board for its internal requirements and to sell to other fresh beverage carton manufacturers, as well as a range of paper-based products which it sells to paper and packaging converters.

Other

In addition to our reportable segments, we have other operating segments that do not meet the threshold for presentation as a reportable segment. These operating segments include the remaining components of our former closures business, which generate revenue from the sale of caps and closures, and are presented as Other in the reconciliation between total reportable segment amounts and the equivalent consolidated measure.

Unallocated

Unallocated includes corporate costs, primarily relating to companywide functions such as finance, tax and legal and the effects of the PEPP.

Information by Segment

We present reportable segment adjusted EBITDA ("Adjusted EBITDA") as this is the financial measure by which management and our CODM allocate resources and analyze the performance of our reportable segments.

Adjusted EBITDA represents each segment's earnings before interest, tax, depreciation and amortization and is further adjusted to exclude certain items of a significant or unusual nature, including but not limited to, foreign exchange gains or losses on cash, related party management fees, unrealized gains or losses on derivatives, gains or losses on the sale of businesses and noncurrent assets, impairment charges, restructuring, asset impairment and other related charges, operational process engineering-related consultancy costs, non-cash pension income or expense and strategic review and transaction-related costs.

Segment reportable assets represent trade receivables, inventory and property, plant and equipment.



	Foodservice		Food Merchandising		Beverage Merchandising		Reportable segment total
	(in millions)
For the Three Months Ended September 30, 2020
Net revenues	$	473	$	354	$	338	$	1,165
Intersegment revenues	—		—		23		23
Total reportable segment net revenues	$	473	$	354	$	361	$	1,188
Adjusted EBITDA	$	81	$	72	$	24	$	177

For the Three Months Ended September 30, 2019
Net revenues	$	546	$	351	$	372	$	1,269
Intersegment revenues	—		—		29		29
Total reportable segment net revenues	$	546	$	351	$	401	$	1,298
Adjusted EBITDA	$	89	$	56	$	45	$	190

For the Nine Months Ended September 30, 2020
Net revenues	$	1,351	$	1,046	$	1,030	$	3,427
Intersegment revenues	—		—		76		76
Total reportable segment net revenues	$	1,351	$	1,046	$	1,106	$	3,503
Adjusted EBITDA	$	170	$	186	$	112	$	468

For the Nine Months Ended September 30, 2019
Net revenues	$	1,630	$	1,037	$	1,094	$	3,761
Intersegment revenues	—		—		94		94
Total reportable segment net revenues	$	1,630	$	1,037	$	1,188	$	3,855
Adjusted EBITDA	$	262	$	161	$	142	$	565

Reportable segment assets consisted of the following:



	Foodservice		Food Merchandising		Beverage Merchandising		Reportable segment total
	(in millions)
As of September 30, 2020	$	1,060	$	706	$	1,023	$	2,789
As of December 31, 2019	1,090		727		972		2,789

The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated U.S. GAAP income from continuing operations before income taxes:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Reportable segment Adjusted EBITDA	$	177		$	190		$	468		$	565
Other	2			4			6			10
Unallocated	(6		)	(17		)	(29		)	(57		)
	173			177			445			518
Adjustments to reconcile to U.S. GAAP income (loss) from continuing operations before income taxes
Depreciation and amortization	(73		)	(68		)	(213		)	(198		)
Interest expense, net	(87		)	(84		)	(275		)	(312		)
Foreign exchange (losses) gains on cash	(42		)	17			(14		)	17
Goodwill impairment charges	(6		)	(16		)	(6		)	(16		)
Loss on sale of businesses and noncurrent assets	(1		)	(13		)	(1		)	(24		)
Non-cash pension income	18			—			55			2
Operational process engineering-related consultancy costs	(3		)	(5		)	(12		)	(18		)
Related party management fee	(44		)	(3		)	(49		)	(8		)
Restructuring, asset impairment and other related charges	(14		)	(39		)	(18		)	(45		)
Strategic review and transaction-related costs	(24		)	(1		)	(39		)	(2		)
Unrealized gains (losses) on derivatives	1			(1		)	3			6
Other	1			1			1			(4		)
Loss from continuing operations before tax	$	(101	)	$	(35	)	$	(123	)	$	(84	)

The following table presents a reconciliation of reportable segment assets to consolidated assets:



	As of September 30, 2020		As of December 31, 2019
	(in millions)
Reportable segment assets	$	2,789	$	2,789
Other	39		65
Unallocated⁽¹⁾	5,389		13,321
Total assets	$	8,217	$	16,175


(1)	Unallocated includes unallocated assets, which are comprised of cash and cash equivalents, other current assets, assets held for sale or distribution, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, deferred income taxes, related party receivables and other noncurrent assets.

Information in Relation to Products

Net revenues by product line are as follows:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Foodservice
Cups and lids	$	198		$	242		$	560		$	691
Containers	187			196			549			587
Dinnerware	34			52			108			157
Other	54			56			134			195
Food Merchandising
Meat trays	93			91			287			262
Bakery/snack/produce/fruit containers	75			79			218			236
Prepared food trays	33			43			95			126
Egg cartons	24			24			74			73
Dinnerware	88			79			257			230
Other	41			35			115			110
Beverage Merchandising
Cartons for fresh beverage products	199			205			597			593
Liquid packaging board	92			109			296			335
Paper products	70			87			213			260
Reportable segment net revenues	1,188			1,298			3,503			3,855
Other / Unallocated
Other	30			37			87			127
Inter-segment eliminations	(23		)	(29		)	(76		)	(94		)
Net revenues	$	1,195		$	1,306		$	3,514		$	3,888

For all product lines, there is a relatively short time period between the receipt of the order and the transfer of control over the goods to the customer.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions

Note 18 - Related Party Transactions

As of September 30, 2020, 79% of our shares are owned by PFL or other entities of which Mr. Graeme Hart is the ultimate shareholder.

In addition to the distributions of RCPI and GPCI to PFL, as described further in Note 3 - Discontinued Operations, the related party entities and types of transactions we entered into with them are detailed below. All related parties detailed below have a common ultimate controlling shareholder, except for the joint ventures.



	Transaction value for the Three Months Ended September 30,						Transaction value for the Nine Months Ended September 30,						Balance outstanding as of
	2020			2019			2020			2019			September 30, 2020			December 31, 2019
	(in millions)
Balances and transactions with joint ventures
Included in other current assets													$	7		$	8
Sale of goods and services^(a)	$	5		$	3		$	23		$	19
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables													57			—
Sale of goods and services^(b)	89			72			259			213
Transition services agreement and rental income^(b)	3			—			11			—
Tax loss transfer^(c)	—			—			13			—
Recharges^(d)	1			—			2			4
Forgiveness of a balance^(e)	(15		)	—			(15		)	—
Noncurrent related party receivables^(f)													—			339
Interest income	3			4			9			12
Loan forgiveness	(347		)	—			(347		)	—
Related party payables													(21		)	(30		)
Purchase of goods^(b)	(28		)	(36		)	(91		)	(114		)
Recharges^(d)	(1		)	(6		)	(11		)	(16		)
Management fee^(g)	(57		)	(8		)	(65		)	(21		)
Tax loss transfer^(c)	(10		)	—			(11		)	(2		)


(a)	All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated on a cost-plus basis allowing a margin ranging from 3% to 6%. All amounts are unsecured, non-interest bearing and repayable on demand.

(b)

Following the distribution of RCP on February 4, 2020, we continue to trade with them, selling and purchasing various goods and services under contractual arrangements that expire over a variety of periods through to 2024. Prior to February 4, 2020, our continuing operations recognized revenue and cost of sales in respect of sales to and purchases from RCP. Refer to Note 3 - Discontinued Operations. As part of the separation process, amongst other agreements, we have entered into two lease arrangements with RCP and entered into a transition services agreement to provide ongoing agreed services to RCP, as requested.

We do not trade with GPC on an ongoing basis. We have entered into a transition services agreement to provide ongoing agreed services to GPC, as requested. We have also entered into a tax matters agreement with GPC. We have recognized a receivable of $8 million under the tax matters agreement in relation to GPC’s estimated share of U.S. federal taxes in respect of the period from January 1, 2020 through to September 16, 2020.


(c)	Represents payments received or made for tax losses transferred between our entities and other entities controlled by Mr. Graeme Hart.

(d)

Represents certain costs paid on our behalf that were subsequently recharged to us. These charges are for various costs incurred including services provided, financing and other activities. All amounts are unsecured, non-interest bearing and settled on normal trade terms. As part of our IPO, we have entered into a transition services agreement with Rank Group Limited ("Rank") under which Rank will, upon our request, continue to provide certain administrative and support services to us, and we will

provide support services to Rank upon request. All services provided will be charged at an agreed hourly rate plus any third party costs.


(e)	In connection with our IPO, $15 million of current related party receivables owed by Rank was forgiven. We recognized this forgiveness as a reduction in retained earnings.

(f)

The loan with Rank, which was included in noncurrent related party receivables, accrued interest at a rate based on the average 90-day New Zealand bank bill rate, set quarterly, plus a margin of 3.25%. During the three and nine months ended September 30, 2020, interest was charged at 3.550% and 3.458% to 4.275%, respectively. During the three and nine months ended September 30, 2019, interest was charged at 4.567% and 4.567% to 5.149%, respectively. In preparation for our IPO, the loan receivable was forgiven. We recognized this forgiveness as a reduction in retained earnings.

(g)

Our financing agreements permit the payment of management fees to related parties for management, consulting, monitoring and advising services. The management fees were paid pursuant to a services agreement with Rank. In connection with our IPO, we (i) paid an additional management fee of $22 million, in respect of the 2009 and 2010 financial years and (ii) paid a termination fee of $45 million for the termination of, and release from, the Rank services agreement, which included the $8 million management fee payable for the period January 1, 2020 to the date of termination of September 16, 2020 which was previously accrued. During the three and nine months ended September 30, 2020, management fees of $44 million and $49 million, respectively, were recognized in other (expense) income, net, with the remainder in discontinued operations. During the three and nine months ended September 30, 2019, management fees of $3 million and $8 million, respectively, were recognized in other (expense) income, net, with the remainder in discontinued operations. The services agreement with Rank was terminated in connection with our IPO, and we will no longer be charged a management fee.

Stock-based Compensation	9 Months Ended
Stock-based Compensation	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Note 19 - Stock-based Compensation In conjunction with our IPO, we established the Pactiv Evergreen Inc. Equity Incentive Plan (the “Equity Incentive Plan”) for purposes of granting stock- and cash-based compensation awards to our employees (including our senior management), directors, consultants and advisors. The maximum number of shares of common stock initially available for issuance under our Equity Incentive Plan was 9,079,395 shares. During 2019 and 2020, in anticipation of our IPO, we granted 297,296 restricted stock units (“RSUs”) to certain members of management, which included a performance condition that required the Company to complete an IPO. Certain of these RSUs vest over three years, with one-third of an employee’s RSUs vesting on each anniversary from the date of our IPO, subject to the employee’s continued employment through the applicable vesting date. The remaining portion of the RSUs vests on December 31, 2021, subject to the employee’s continued employment through this vesting date. We recognized approximately $1 million of stock-based compensation expense during the three and nine months ended September 30, 2020 related to these grants. There was no stock-based compensation expense recorded during the three and nine months ended September 30, 2019. As of September 30, 2020, we had 8,782,099 shares available under the Equity Incentive Plan.

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 20 - Earnings Per Share

A reconciliation of the number of shares used for our (loss) earnings per share calculation was as follows:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions, except per share amounts)
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders
From continuing operations	$	(143	)	$	(35	)	$	(29	)	$	(101	)
From discontinued operations	(216		)	91			(234		)	270
Total	$	(359	)	$	56		$	(263	)	$	169

Weighted average number of shares outstanding
Basic	138.9			134.4			135.9			134.4
Effect of dilutive securities	—			—			—			—
Diluted	138.9			134.4			135.9			134.4

(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders
From continuing operations
Basic	$	(1.03	)	$	(0.26	)	$	(0.22	)	$	(0.75	)
Diluted	$	(1.03	)	$	(0.26	)	$	(0.22	)	$	(0.75	)
From discontinued operations
Basic	$	(1.56	)	$	0.67		$	(1.72	)	$	2.01
Diluted	$	(1.56	)	$	0.67		$	(1.72	)	$	2.01
Total
Basic	$	(2.59	)	$	0.41		$	(1.94	)	$	1.26
Diluted	$	(2.59	)	$	0.41		$	(1.94	)	$	1.26

The weighted average number of shares outstanding prior to our IPO reflects PTVE’s conversion to a Delaware incorporated entity and the subsequent stock split, as detailed in Note 1 - Nature of Operations and Basis of Presentation. The stock split has been retroactively reflected, resulting in 134.4 million weighted average number of shares outstanding for the three and nine months ended September 30, 2019. The weighted average number of shares outstanding during the three and nine months ended September 30, 2020 reflects the weighted average number of shares outstanding, as described above, including the weighted average shares issued on September 21, 2020 as part of our IPO.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 21 - Subsequent Events Except as described elsewhere in this document, there have been no events subsequent to September 30, 2020 that would require accrual or disclosure in these condensed consolidated financial statements.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	These condensed consolidated financial statements are unaudited and presented in U.S. dollars. They have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Our condensed consolidated balance sheet as of December 31, 2019 has been derived from our audited consolidated financial statements as of that date. Our condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2019, which include a complete set of footnote disclosures, including our significant accounting policies. In our opinion, these condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair statement of our results of operations, financial position and cash flows for the periods presented. However, our results of operations for any interim period are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. All intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise indicated, information in these notes to the condensed consolidated financial statements relates to our continuing operations.
Discontinued Operations	Certain of our operations have been presented as discontinued. We present businesses that represent components as discontinued operations when the components either meet the criteria as held for sale or are sold or distributed, and their expected or actual disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results. As discussed in Note 3 - Discontinued Operations, the assets, liabilities, results of operations and supplemental cash flow information of substantially all of our Closures business, sold in December 2019, all of our former Reynolds Consumer Products ("RCP") segment, distributed in February 2020, and all of our former Graham Packaging ("GPC") segment, distributed in September 2020, are presented as discontinued operations for all periods presented. Sales from our continuing operations to our discontinued operations previously eliminated in consolidation have been recast as external revenues and are included in net revenues within operating income from continuing operations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could differ from what was anticipated in those estimates, which could materially affect our results of operations and balance sheet. Among other effects, such changes could result in future impairments of goodwill, intangibles and long-lived assets, and adjustments to reserves for employee benefits and income taxes. The estimated recoverable amounts associated with asset impairments recognized in all periods presented represents a Level 3 measurement in the fair value hierarchy, which includes inputs that are not based on observable market data. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could differ from what was anticipated in those estimates, which could materially affect our results of operations and financial condition. For example, the worldwide COVID-19 pandemic has had, and will continue to have, a significant impact on our results of operations, and it may also have additional far-reaching impacts on many aspects of our operations including the impact on customer behaviors, business and manufacturing operations, our employees, and the market in general. The extent to which the COVID-19 pandemic impacts our business, financial condition, results of operations, cash flows and liquidity may differ from management’s current estimates due to inherent uncertainties regarding the duration and further spread of the outbreak, actions taken to contain the virus, as well as, how quickly and to what extent normal economic and operating conditions can resume.
Share Repurchases	Share Repurchases When accounting for a share repurchase and retirement of shares, including in connection with transactions that are deemed to be a reverse stock split, we record the repurchase as a reduction of common stock and additional paid in capital. The reduction in common stock represents the par value of the canceled shares, and the reduction in additional paid in capital is the lower of the excess of the repurchase amount over the par value of the repurchased shares or the pro rata portion of additional paid in capital, based on the number of shares retired as a percentage of total shares outstanding prior to the repurchase. Any residual excess of the repurchase amount over the reduction in additional paid in capital is presented as a reduction to retained earnings.
Variable Interest Entities	Variable Interest Entities Until termination of our $450 million securitization facility (the “Securitization Facility”) in July 2020, we had a variable interest in one variable interest entity ("VIE") related to our non-recourse factoring arrangements in which receivables were sold from certain of our operations to a special purpose trust (“SPE”) in exchange for cash. We were the sole beneficiary of the SPE. The SPE was considered to be a VIE and we were its primary beneficiary as we had the power to direct its activities and the right to receive its benefits. Prior to July 2020, we consolidated the results, assets and liabilities of this SPE for all periods presented in these condensed consolidated financial statements. As a result of consolidating the SPE, we continued to recognize the trade receivables and external borrowings of this entity with carrying values of $789 million (including $469 million presented within assets held for sale or distribution) and $420 million, respectively, as of December 31, 2019. The obligations of the SPE were non-recourse to us and only the assets of the SPE could be used to settle those obligations.
Recently Adopted and Recently Issued But Not Yet Accounting Guidance	Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2019-04, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments - Codification Improvements (Topic 825), ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief (Topic 326), ASU 2019-11, Codification Improvements, Financial Instruments - Credit Losses (Topic 326) and ASU 2020-03, Codification Improvements to Financial Instruments. These ASUs modify the impairment model to use an expected loss methodology in place of the currently used incurred loss methodology, which may result in earlier recognition of losses related to financial instruments. These ASUs are effective for fiscal years beginning after December 15, 2019, with early adoption permitted, and require a cumulative effect adjustment to the balance sheet upon adoption. We adopted these standards on January 1, 2020 and they had no material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Change to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. This ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We adopted this guidance on January 1, 2020 and it had no material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. This ASU is effective for annual reporting periods beginning after December 15, 2019, with early adoption permitted. We adopted this standard on January 1, 2020 and it had no material impact on our condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We early adopted this guidance on January 1, 2020. Certain components of this guidance were adopted on a prospective basis. The remaining components were adopted on a modified retrospective basis and had no material impact on our condensed consolidated financial statements and related disclosures. Accounting Guidance Issued But Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) Disclosure - Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The ASU requires sponsors of defined benefit pension or other postretirement plans to provide additional disclosures, including a narrative description of reasons for any significant gains or losses impacting the benefit obligation for the period. It also eliminates certain previous disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and must be applied on a retrospective basis to all periods presented. The requirements of this guidance are expected to impact our disclosures but have no impact on the measurement and recognition of amounts in our condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This ASU provides temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective upon issuance and generally can be applied through the end of calendar year 2022. We are currently evaluating the impact and whether we plan to adopt the optional expedients and exceptions provided under this new standard. We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our condensed consolidated financial statements.

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations Financial Information



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Net revenues	$	396		$	1,249		$	1,510		$	3,788
Cost of sales	(331		)	(937		)	(1,234		)	(2,868		)
Gross profit	65			312			276			920
Selling, general and administrative expenses	(52		)	(159		)	(179		)	(422		)
Goodwill impairment charges	—			(9		)	—			(9		)
Restructuring, asset impairment and other related charges	(4		)	(46		)	(13		)	(66		)
Interest expense, net⁽¹⁾	(32		)	(47		)	(54		)	(142		)
Other expense, net	—			(6		)	(3		)	(8		)
(Loss) income before income taxes from discontinued operations	(23		)	45			27			273
Income tax (expense) benefit	(193		)	46			(275		)	(3		)
Net (loss) income from discontinued operations, before gain on disposal	(216		)	91			(248		)	270
Gain on disposal, net of income taxes	—			—			14			—
Net (loss) income from discontinued operations	$	(216	)	$	91		$	(234	)	$	270

(1)

Includes interest expense and amortization of deferred transaction costs related to debt repaid in conjunction with the distribution of RCP, as well as interest and transaction costs related to debt incurred by GPCI in August 2020; also includes a $5 million loss on extinguishment of debt from the repayment of corporate level debt on February 4, 2020.

The following is a summary of the RCP assets and liabilities distributed on February 4, 2020 and a summary of the GPC assets and liabilities distributed on September 16, 2020:



	RCP As of February 4, 2020		GPC As of September 16, 2020
	(in millions)
Assets
Cash, cash equivalents and restricted cash	$	31	$	79
Current assets	699		448
Noncurrent assets	3,630		3,461
	$	4,360	$	3,988
Liabilities
Current liabilities	$	1,467	$	292
Noncurrent liabilities	2,847		2,518
	$	4,314	$	2,810
Net assets distributed	$	46	$	1,178

Assets and liabilities held for sale or distribution in relation to our discontinued operations were as follows:



	As of December 31, 2019
	(in millions)
Cash and cash equivalents	$	137
Accounts receivable, net	489
Inventories	559
Other current assets	47
Total current assets held for sale or distribution	$	1,232

Property, plant and equipment, net	$	1,309
Operating lease right-of-use assets, net	150
Goodwill	3,173
Intangible assets, net	2,470
Other noncurrent assets	41
Total noncurrent assets held for sale or distribution	$	7,143

Accounts payable	$	243
Accrued and other current liabilities	242
Total current liabilities held for sale or distribution	$	485

Long-term operating lease liabilities	$	126
Deferred income taxes	731
Long-term employee benefit obligations	57
Other noncurrent liabilities	78
Total noncurrent liabilities held for sale or distribution	$	992

Cash flows from discontinued operations were as follows:



	For the Nine Months Ended September 30,
	2020			2019
	(in millions)
Net cash provided by operating activities	$	175		$	523
Net cash used in investing activities	(122		)	(214		)
Net cash provided by financing activities	2,441			—
Net cash from discontinued operations	$	2,494		$	309

The carrying amounts of the major classes of the South American closures businesses’ assets and liabilities as of September 30, 2020 included the following:



	As of September 30, 2020
	(in millions)
Cash and cash equivalents	$	9
Accounts receivable, net	11
Inventories	3
Other current assets	1
Property, plant and equipment, net	8
Intangible assets, net	2
Held for sale valuation allowance	(11		)
Total current assets held for sale or distribution	$	23

Accounts payable	$	3
Accrued and other current liabilities	3
Other noncurrent liabilities	2
Total current liabilities held for sale or distribution	$	8

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Assets and Liabilities Held for Sale (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of Assets and Liabilities Held for Sale



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Net revenues	$	396		$	1,249		$	1,510		$	3,788
Cost of sales	(331		)	(937		)	(1,234		)	(2,868		)
Gross profit	65			312			276			920
Selling, general and administrative expenses	(52		)	(159		)	(179		)	(422		)
Goodwill impairment charges	—			(9		)	—			(9		)
Restructuring, asset impairment and other related charges	(4		)	(46		)	(13		)	(66		)
Interest expense, net⁽¹⁾	(32		)	(47		)	(54		)	(142		)
Other expense, net	—			(6		)	(3		)	(8		)
(Loss) income before income taxes from discontinued operations	(23		)	45			27			273
Income tax (expense) benefit	(193		)	46			(275		)	(3		)
Net (loss) income from discontinued operations, before gain on disposal	(216		)	91			(248		)	270
Gain on disposal, net of income taxes	—			—			14			—
Net (loss) income from discontinued operations	$	(216	)	$	91		$	(234	)	$	270

(1)

The following is a summary of the RCP assets and liabilities distributed on February 4, 2020 and a summary of the GPC assets and liabilities distributed on September 16, 2020:



	RCP As of February 4, 2020		GPC As of September 16, 2020
	(in millions)
Assets
Cash, cash equivalents and restricted cash	$	31	$	79
Current assets	699		448
Noncurrent assets	3,630		3,461
	$	4,360	$	3,988
Liabilities
Current liabilities	$	1,467	$	292
Noncurrent liabilities	2,847		2,518
	$	4,314	$	2,810
Net assets distributed	$	46	$	1,178

Assets and liabilities held for sale or distribution in relation to our discontinued operations were as follows:



	As of December 31, 2019
	(in millions)
Cash and cash equivalents	$	137
Accounts receivable, net	489
Inventories	559
Other current assets	47
Total current assets held for sale or distribution	$	1,232

Property, plant and equipment, net	$	1,309
Operating lease right-of-use assets, net	150
Goodwill	3,173
Intangible assets, net	2,470
Other noncurrent assets	41
Total noncurrent assets held for sale or distribution	$	7,143

Accounts payable	$	243
Accrued and other current liabilities	242
Total current liabilities held for sale or distribution	$	485

Long-term operating lease liabilities	$	126
Deferred income taxes	731
Long-term employee benefit obligations	57
Other noncurrent liabilities	78
Total noncurrent liabilities held for sale or distribution	$	992

Cash flows from discontinued operations were as follows:



	For the Nine Months Ended September 30,
	2020			2019
	(in millions)
Net cash provided by operating activities	$	175		$	523
Net cash used in investing activities	(122		)	(214		)
Net cash provided by financing activities	2,441			—
Net cash from discontinued operations	$	2,494		$	309

The carrying amounts of the major classes of the South American closures businesses’ assets and liabilities as of September 30, 2020 included the following:



	As of September 30, 2020
	(in millions)
Cash and cash equivalents	$	9
Accounts receivable, net	11
Inventories	3
Other current assets	1
Property, plant and equipment, net	8
Intangible assets, net	2
Held for sale valuation allowance	(11		)
Total current assets held for sale or distribution	$	23

Accounts payable	$	3
Accrued and other current liabilities	3
Other noncurrent liabilities	2
Total current liabilities held for sale or distribution	$	8

- Definition

+ References

+ Details

Impairment, Restructuring and Other Related Charges (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Summary of Impairment, Restructuring and Other Related Charges

During the three months ended September 30, 2019, we recorded the following impairment, restructuring and other related charges:



	Goodwill impairment		Other asset impairment		Employee terminations		Total
	(in millions)
Foodservice	$	—	$	1	$	—	$	1
Other	16		37		1		54
Total	$	16	$	38	$	1	$	55

During the nine months ended September 30, 2019, we recorded the following impairment, restructuring and other related charges:



	Goodwill impairment		Other asset impairment		Employee terminations		Total
	(in millions)
Foodservice	$	—	$	1	$	—	$	1
Food Merchandising	—		4		—		4
Other	16		37		3		56
Total	$	16	$	42	$	3	$	61

During the nine months ended September 30, 2020, we recorded the following impairment, restructuring and other related charges:



	Goodwill impairment		Other asset impairment		Employee terminations		Other restructuring charges		Total
	(in millions)
Foodservice	$	—	$	1	$	1	$	1	$	3
Food Merchandising	—		1		—		—		1
Beverage Merchandising	—		—		1		—		1
Other	6		12		1		—		19
Total	$	6	$	14	$	3	$	1	$	24

During the three months ended September 30, 2020, we recorded the following impairment, restructuring and other related charges:



	Goodwill impairment		Other asset impairment		Employee terminations		Total
	(in millions)
Foodservice	$	—	$	—	$	1	$	1
Food Merchandising	—		1		—		1
Other	6		12		—		18
Total	$	6	$	13	$	1	$	20

Summary of Restructuring Liability

The following tables summarize the changes to our restructuring liability for the nine months ended September 30, 2020:



	December 31, 2019		Charges to earnings		Cash paid			September 30, 2020
	(in millions)
Employee termination costs	$	1	$	3	$	(3	)	$	1
Total	$	1	$	3	$	(3	)	$	1

Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Summary of the Components of Inventory

The components of inventories consisted of the following:



	As of September 30, 2020		As of December 31, 2019
	(in millions)
Raw materials	$	167	$	168
Work in progress	101		106
Finished goods	389		397
Spare parts	87		82
Inventories	$	744	$	753

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment, Net and Depreciation

Property, plant and equipment, net consisted of the following:



	As of September 30, 2020			As of December 31, 2019
	(in millions)
Land and land improvements	$	85		$	92
Buildings and building improvements	518			551
Machinery and equipment	3,043			2,973
Construction in progress	229			204
Property, plant and equipment, at cost	3,875			3,820
Less: accumulated depreciation	(2,209		)	(2,117		)
Property, plant and equipment, net	$	1,666		$	1,703

Depreciation expense related to property, plant and equipment was recognized in the following components in the condensed consolidated statements of income (loss):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Cost of sales	$	54	$	51	$	157	$	148
Selling, general and administrative expenses	4		3		14		8
Total depreciation expense	$	58	$	54	$	171	$	156

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill by Reportable Segment

Goodwill by reportable segment was as follows:



	Foodservice⁽¹⁾		Food Merchandising⁽¹⁾		Beverage Merchandising		Other⁽²⁾			Total
	(in millions)
Balance as of December 31, 2019	$	924	$	770	$	66	$	6		$	1,766
Impairment charges	—		—		—		(6		)	(6		)
Balance as of September 30, 2020	$	924	$	770	$	66	$	—		$	1,760
Accumulated impairment losses	$	—	$	—	$	—	$	22		$	22


(1)	The information presented above reflects the retrospective application of the March 2020 change in segments. See Note 17 - Segment Information for further details.

(2)

Other includes operations that do not meet the quantitative threshold for reportable segments.

Summary of Indefinite-Lived Intangible Assets

Intangible assets, net consisted of the following:



	As of September 30, 2020							As of December 31, 2019
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	1,015	$	(525	)	$	490	$	1,026	$	(494	)	$	532
Other	20		(18		)	2		21		(18		)	3
Total finite-lived intangible assets	$	1,035	$	(543	)	$	492	$	1,047	$	(512	)	$	535

Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other	58		—			58		58		—			58
Total indefinite-lived intangible assets	$	612	$	—		$	612	$	612	$	—		$	612
Total intangible assets	$	1,647	$	(543	)	$	1,104	$	1,659	$	(512	)	$	1,147

Summary of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following:



	As of September 30, 2020							As of December 31, 2019
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	1,015	$	(525	)	$	490	$	1,026	$	(494	)	$	532
Other	20		(18		)	2		21		(18		)	3
Total finite-lived intangible assets	$	1,035	$	(543	)	$	492	$	1,047	$	(512	)	$	535

Indefinite-lived intangible assets
Trademarks	$	554	$	—		$	554	$	554	$	—		$	554
Other	58		—			58		58		—			58
Total indefinite-lived intangible assets	$	612	$	—		$	612	$	612	$	—		$	612
Total intangible assets	$	1,647	$	(543	)	$	1,104	$	1,659	$	(512	)	$	1,147

Accrued and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued and other current liabilities consisted of the following:



	As of September 30, 2020		As of December 31, 2019
	(in millions)
Accrued personnel costs	$	115	$	108
Accrued interest	41		115
Accrued rebates and credits	66		67
Other⁽¹⁾	120		128
Accrued and other current liabilities	$	342	$	418

(1) Other includes items such as accruals for freight, utilities and property and other non-income related taxes.

Summary of Other Current Liabilities

Accrued and other current liabilities consisted of the following:



	As of September 30, 2020		As of December 31, 2019
	(in millions)
Accrued personnel costs	$	115	$	108
Accrued interest	41		115
Accrued rebates and credits	66		67
Other⁽¹⁾	120		128
Accrued and other current liabilities	$	342	$	418

(1) Other includes items such as accruals for freight, utilities and property and other non-income related taxes.

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Debt

Debt consisted of the following:



	As of September 30, 2020			As of December 31, 2019
	(in millions)
Securitization Facility	$	—		$	420
Credit Agreement	2,487			3,487
Notes:
5.750% Senior Secured Notes due 2020	—			3,137
Floating Rate Senior Secured Notes due 2021	—			750
5.125% Senior Secured Notes due 2023	1,599			1,600
7.000% Senior Notes due 2024	650			800
Pactiv Debentures:
7.950% Debentures due 2025	276			276
8.375% Debentures due 2027	200			200
Other	13			15
Total principal amount of borrowings	5,225			10,685
Deferred financing transaction costs	(23		)	(46		)
Original issue discounts, net of premiums	(4		)	(9		)
	5,198			10,630
Less: current portion	(2		)	(3,587		)
Long-term debt	$	5,196		$	7,043

Schedule of Long-term Debt Instruments

Outstanding notes, as of September 30, 2020, are summarized below:



Description	Maturity date	Semi-annual interest payment dates
5.125% Senior Secured Notes due 2023⁽¹⁾	July 15, 2023	January 15 and July 15
7.000% Senior Notes due 2024	July 15, 2024	January 15 and July 15

(1)

$250 million aggregate principal amount of 5.125% Notes were issued at an issue price of 103.500%.

As of September 30, 2020, we had outstanding the following debentures (together, the “Pactiv Debentures”):



Description	Maturity date	Semi-annual interest payment dates
7.950% Debentures due 2025	December 15, 2025	June 15 and December 15
8.375% Debentures due 2027	April 15, 2027	April 15 and October 15

Summary of Components of the Credit Agreement

The Credit Agreement comprises the following term and revolving tranche:



	Currency	Maturity date	Value drawn or utilized as of September 30, 2020 (in millions)	Applicable interest rate as of September 30, 2020
Term Tranches
U.S. term loans	$	February 5, 2023	2,487	LIBOR (floor of 0.000%) + 2.750%
Revolving Tranche⁽¹⁾
U.S. Revolving Loans	$	August 5, 2021	47	—

(1)

The Revolving Tranche represents a $302 million facility. The amount utilized is in the form of letters of credit.

Schedule of Required Future Repayments of Outstanding Debt

Below is a schedule of required future repayments on our debt outstanding as of September 30, 2020:



	(in millions)
2020	$	1
2021	2
2022	3
2023	4,087
2024	651
Thereafter	481
Total principal amount of borrowings	$	5,225

Schedule of Carrying Values and Fair Values of Debt Outstanding

Below is a schedule of carrying values and fair values of our debt outstanding as of September 30, 2020 and December 31, 2019:



	As of September 30, 2020				As of December 31, 2019
	Carrying value		Fair value		Carrying value		Fair value
	(in millions)
Securitization Facility	$	—	$	—	$	418	$	420
Credit Agreement	2,479		2,487		3,476		3,487
Notes:
5.750% Senior Secured Notes due 2020	—		—		3,130		3,144
Floating Rate Senior Secured Notes due 2021	—		—		739		753
5.125% Senior Secured Notes due 2023	1,592		1,620		1,591		1,641
7.000% Senior Notes due 2024	644		662		791		828
Pactiv Debentures:
7.950% Debentures due 2025	272		301		272		311
8.375% Debentures due 2027	198		213		198		220
Other	13		13		15		15
Total	$	5,198	$	5,296	$	10,630	$	10,819

Interest Income and Interest Expense Disclosure

Interest expense, net consisted of the following:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Interest expense:
Notes	$	36		$	48		$	123		$	147
Pactiv Debentures	11			11			30			30
Credit Agreement	21			44			87			134
Securitization Facility	—			4			6			13
Interest income, related party⁽¹⁾	(3		)	(4		)	(9		)	(12		)
Interest income, other	—			(5		)	(6		)	(11		)
Amortization of deferred transaction costs⁽²⁾	3			3			12			9
Derivative losses	1			3			15			20
Net foreign currency exchange losses (gains)	6			(23		)	—			(24		)
Other⁽³⁾	12			3			17			6
Interest expense, net⁽⁴⁾	$	87		$	84		$	275		$	312


(1)	Refer to Note 18 - Related Party Transactions for additional information.


(2)	The amount for the nine months ended September 30, 2020 includes an adjustment of $5 million related to prior periods.


(3)	Amounts primarily include write-offs of unamortized debt issuance costs and original issue discount premium, as well as redemption premiums.


(4)	Amounts presented in the above table exclude interest expense and amortization of deferred transaction costs related to our 5.750% Notes repaid in conjunction with the distribution of RCP, as well as interest and transaction costs related to debt held by GPCI; also excludes a $5 million loss on extinguishment of debt from the repayment of corporate level debt on February 4, 2020.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

We had the following derivative instruments recorded at fair value in our condensed consolidated balance sheets:



	As of September 30, 2020					As of December 31, 2019
	Asset derivatives		Liability derivatives			Asset derivatives		Liability derivatives
	(in millions)
Interest rate swap derivatives	$	—	$	—		$	7	$	—
Commodity swap contracts	2		(2		)	1		(5		)
Total fair value	$	2	$	(2	)	$	8	$	(5	)

Recorded in:
Other current assets	$	2	$	—		$	6	$	—
Other noncurrent assets	—		—			2		—
Accrued and other current liabilities	—		(2		)	—		(5		)
Total fair value	$	2	$	(2	)	$	8	$	(5	)

Summary of Outstanding Commodity Derivative Contracts

The following table provides the detail of outstanding commodity derivative contracts as of September 30, 2020:



Type	Unit of measure	Contracted volume	Contracted price range	Contracted date of maturity
Natural gas swaps	million BTU	1,963,628	$2.40 - $2.94	Nov 2020 - Dec 2021
Polymer-grade propylene swaps	pound	39,250,071	$0.29 - $0.39	Oct 2020 - May 2021
Benzene swaps	U.S. liquid gallon	5,251,376	$1.08 - $2.42	Nov 2020 - Jun 2021
Diesel swaps	U.S. liquid gallon	936,628	$2.41 - $3.26	Oct 2020 - Dec 2021
Low-density polyethylene swaps	pound	15,000,000	$0.52 - $0.71	Oct 2020 - Dec 2021
Ethylene swaps	pound	2,105,278	$0.26	Oct 2020 - Apr 2021

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Schedule of Net Benefit Income (Cost)

Net periodic benefit income (cost) for defined benefit pension plans and other post-employment benefit plans consisted of the following:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Service cost	$	(2	)	$	(2	)	$	(5	)	$	(6	)
Interest cost	(35		)	(45		)	(105		)	(136		)
Expected return on plan assets	52			45			155			134
Amortization of prior service cost	(1		)	—			(1		)	—
Amortization of actuarial gains (losses)	1			—			1			—
Total net periodic benefit income (cost)	$	15		$	(2	)	$	45		$	(8	)

Net periodic benefit income (cost) for defined benefit pension plans and other post-employment benefit plans has been recognized in our condensed consolidated statements of income (loss) as follows:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Cost of sales	$	(1	)	$	(1	)	$	(4	)	$	(3	)
Selling, general and administrative expenses	(1		)	(1		)	(1		)	(3		)
Non-operating income (expense), net	17			—			50			(2		)
Total net periodic benefit income (cost)	$	15		$	(2	)	$	45		$	(8	)

Other (Expense) Income, Net (Tables)

9 Months Ended

Sep. 30, 2020

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense), Net

Other (expense) income, net consisted of the following:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Related party management fee⁽¹⁾	$	(44	)	$	(3	)	$	(49	)	$	(8	)
Loss on sale of businesses and noncurrent assets	(1		)	(13		)	(1		)	(24		)
Foreign exchange (losses) gains on cash⁽²⁾	(42		)	17			(14		)	17
Transition service agreement income⁽¹⁾	5			—			15			1
Other	3			1			1			7
Other (expense) income, net	$	(79	)	$	2		$	(48	)	$	(7	)


(1)	See Note 18 - Related Party Transactions for additional information.

(2)

Primarily arose from holding U.S. dollars in non-U.S. dollar functional currency entities.

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in our balances of each component of accumulated other comprehensive loss ("AOCL"):



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Currency translation adjustments:
Balance as of beginning of period	$	(447	)	$	(425	)	$	(354	)	$	(442	)
Currency translation adjustments	65			(77		)	(30		)	(67		)
Amounts reclassified from AOCL	1			13			1			20
Other comprehensive income (loss)	66			(64		)	(29		)	(47		)
Distribution of RCP and GPC⁽¹⁾	171			—			173			—
Balance as of end of period	$	(210	)	$	(489	)	$	(210	)	$	(489	)

Defined benefit plans:
Plans associated with continuing operations
Balance as of beginning of period	$	(176	)	$	(302	)	$	(176	)	$	(258	)
Cumulative impact of adopting ASU 2018-02	—			—			—			(44		)
Balance as of end of period	$	(176	)	$	(302	)	$	(176	)	$	(302	)
Plans held for sale or distribution
Balance as of beginning of period	$	(1	)	$	13		$	12		$	11
(Gains) and losses reclassified from AOCL:
Amortization of actuarial gain⁽²⁾	—			(1		)	—			(2		)
Other comprehensive loss	—			(1		)	—			(2		)
Cumulative impact of adopting ASU 2018-02	—			—			—			3
Distribution of RCP and GPC⁽³⁾	1			—			(12		)	—
Balance as of end of period	$	—		$	12		$	—		$	12

AOCL
Balance as of beginning of period	$	(624	)	$	(714	)	$	(518	)	$	(689	)
Other comprehensive income (loss)	66			(65		)	(29		)	(49		)
Cumulative impact of adopting ASU 2018-02	—			—			—			(41		)
Distribution of RCP and GPC⁽¹⁾⁽³⁾	172			—			161			—
Balance as of end of period	$	(386	)	$	(779	)	$	(386	)	$	(779	)


(1)	Currency translation adjustment reclassifications associated with the distribution of RCP are recorded directly to additional paid in capital. Currency translation adjustment reclassifications associated with the distribution of GPC are recorded directly to retained earnings. See Note 3 - Discontinued Operations for additional details.


(2)	Amortization of actuarial gain associated with plans related to our discontinued operations is recorded in income from discontinued operations.

(3)

Defined benefit plan reclassifications associated with the distribution of RCP and GPC are recorded directly to retained earnings.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment reportable assets represent trade receivables, inventory and property, plant and equipment.



	Foodservice		Food Merchandising		Beverage Merchandising		Reportable segment total
	(in millions)
For the Three Months Ended September 30, 2020
Net revenues	$	473	$	354	$	338	$	1,165
Intersegment revenues	—		—		23		23
Total reportable segment net revenues	$	473	$	354	$	361	$	1,188
Adjusted EBITDA	$	81	$	72	$	24	$	177

For the Three Months Ended September 30, 2019
Net revenues	$	546	$	351	$	372	$	1,269
Intersegment revenues	—		—		29		29
Total reportable segment net revenues	$	546	$	351	$	401	$	1,298
Adjusted EBITDA	$	89	$	56	$	45	$	190

For the Nine Months Ended September 30, 2020
Net revenues	$	1,351	$	1,046	$	1,030	$	3,427
Intersegment revenues	—		—		76		76
Total reportable segment net revenues	$	1,351	$	1,046	$	1,106	$	3,503
Adjusted EBITDA	$	170	$	186	$	112	$	468

For the Nine Months Ended September 30, 2019
Net revenues	$	1,630	$	1,037	$	1,094	$	3,761
Intersegment revenues	—		—		94		94
Total reportable segment net revenues	$	1,630	$	1,037	$	1,188	$	3,855
Adjusted EBITDA	$	262	$	161	$	142	$	565

Reportable segment assets consisted of the following:



	Foodservice		Food Merchandising		Beverage Merchandising		Reportable segment total
	(in millions)
As of September 30, 2020	$	1,060	$	706	$	1,023	$	2,789
As of December 31, 2019	1,090		727		972		2,789

Reconciliation of Operating Profit (Loss)

The following table presents a reconciliation of reportable segment Adjusted EBITDA to consolidated U.S. GAAP income from continuing operations before income taxes:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Reportable segment Adjusted EBITDA	$	177		$	190		$	468		$	565
Other	2			4			6			10
Unallocated	(6		)	(17		)	(29		)	(57		)
	173			177			445			518
Adjustments to reconcile to U.S. GAAP income (loss) from continuing operations before income taxes
Depreciation and amortization	(73		)	(68		)	(213		)	(198		)
Interest expense, net	(87		)	(84		)	(275		)	(312		)
Foreign exchange (losses) gains on cash	(42		)	17			(14		)	17
Goodwill impairment charges	(6		)	(16		)	(6		)	(16		)
Loss on sale of businesses and noncurrent assets	(1		)	(13		)	(1		)	(24		)
Non-cash pension income	18			—			55			2
Operational process engineering-related consultancy costs	(3		)	(5		)	(12		)	(18		)
Related party management fee	(44		)	(3		)	(49		)	(8		)
Restructuring, asset impairment and other related charges	(14		)	(39		)	(18		)	(45		)
Strategic review and transaction-related costs	(24		)	(1		)	(39		)	(2		)
Unrealized gains (losses) on derivatives	1			(1		)	3			6
Other	1			1			1			(4		)
Loss from continuing operations before tax	$	(101	)	$	(35	)	$	(123	)	$	(84	)

Reconciliation of Assets from Segment to Consolidated

The following table presents a reconciliation of reportable segment assets to consolidated assets:



	As of September 30, 2020		As of December 31, 2019
	(in millions)
Reportable segment assets	$	2,789	$	2,789
Other	39		65
Unallocated⁽¹⁾	5,389		13,321
Total assets	$	8,217	$	16,175

(1)

Unallocated includes unallocated assets, which are comprised of cash and cash equivalents, other current assets, assets held for sale or distribution, entity-wide property, plant and equipment, operating lease right-of-use assets, goodwill, intangible assets, deferred income taxes, related party receivables and other noncurrent assets.

Summary of Net Revenues by Product Line

Net revenues by product line are as follows:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions)
Foodservice
Cups and lids	$	198		$	242		$	560		$	691
Containers	187			196			549			587
Dinnerware	34			52			108			157
Other	54			56			134			195
Food Merchandising
Meat trays	93			91			287			262
Bakery/snack/produce/fruit containers	75			79			218			236
Prepared food trays	33			43			95			126
Egg cartons	24			24			74			73
Dinnerware	88			79			257			230
Other	41			35			115			110
Beverage Merchandising
Cartons for fresh beverage products	199			205			597			593
Liquid packaging board	92			109			296			335
Paper products	70			87			213			260
Reportable segment net revenues	1,188			1,298			3,503			3,855
Other / Unallocated
Other	30			37			87			127
Inter-segment eliminations	(23		)	(29		)	(76		)	(94		)
Net revenues	$	1,195		$	1,306		$	3,514		$	3,888

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Related Party Transactions



	Transaction value for the Three Months Ended September 30,						Transaction value for the Nine Months Ended September 30,						Balance outstanding as of
	2020			2019			2020			2019			September 30, 2020			December 31, 2019
	(in millions)
Balances and transactions with joint ventures
Included in other current assets													$	7		$	8
Sale of goods and services^(a)	$	5		$	3		$	23		$	19
Balances and transactions with other entities controlled by Mr. Graeme Hart
Current related party receivables													57			—
Sale of goods and services^(b)	89			72			259			213
Transition services agreement and rental income^(b)	3			—			11			—
Tax loss transfer^(c)	—			—			13			—
Recharges^(d)	1			—			2			4
Forgiveness of a balance^(e)	(15		)	—			(15		)	—
Noncurrent related party receivables^(f)													—			339
Interest income	3			4			9			12
Loan forgiveness	(347		)	—			(347		)	—
Related party payables													(21		)	(30		)
Purchase of goods^(b)	(28		)	(36		)	(91		)	(114		)
Recharges^(d)	(1		)	(6		)	(11		)	(16		)
Management fee^(g)	(57		)	(8		)	(65		)	(21		)
Tax loss transfer^(c)	(10		)	—			(11		)	(2		)


(a)	All transactions with joint ventures are settled in cash. Sales of goods and services are negotiated on a cost-plus basis allowing a margin ranging from 3% to 6%. All amounts are unsecured, non-interest bearing and repayable on demand.

(b)


(c)	Represents payments received or made for tax losses transferred between our entities and other entities controlled by Mr. Graeme Hart.

(d)

provide support services to Rank upon request. All services provided will be charged at an agreed hourly rate plus any third party costs.


(e)	In connection with our IPO, $15 million of current related party receivables owed by Rank was forgiven. We recognized this forgiveness as a reduction in retained earnings.

(f)

(g)

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Summary of the Reconciliation of the Number of Shares Used for Calculation of (Loss) Earnings Per Share

A reconciliation of the number of shares used for our (loss) earnings per share calculation was as follows:



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(in millions, except per share amounts)
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders
From continuing operations	$	(143	)	$	(35	)	$	(29	)	$	(101	)
From discontinued operations	(216		)	91			(234		)	270
Total	$	(359	)	$	56		$	(263	)	$	169

Weighted average number of shares outstanding
Basic	138.9			134.4			135.9			134.4
Effect of dilutive securities	—			—			—			—
Diluted	138.9			134.4			135.9			134.4

(Loss) earnings per share attributable to Pactiv Evergreen Inc. common stockholders
From continuing operations
Basic	$	(1.03	)	$	(0.26	)	$	(0.22	)	$	(0.75	)
Diluted	$	(1.03	)	$	(0.26	)	$	(0.22	)	$	(0.75	)
From discontinued operations
Basic	$	(1.56	)	$	0.67		$	(1.72	)	$	2.01
Diluted	$	(1.56	)	$	0.67		$	(1.72	)	$	2.01
Total
Basic	$	(2.59	)	$	0.41		$	(1.94	)	$	1.26
Diluted	$	(2.59	)	$	0.41		$	(1.94	)	$	1.26

Nature of Operations and Basis of Presentation (Details) $ / shares in Units, $ in Millions				9 Months Ended
	Oct. 20, 2020 USD ($) $ / shares shares	Sep. 21, 2020 USD ($) $ / shares shares	Sep. 16, 2020 segment shares	Sep. 30, 2020 segment shares	Sep. 17, 2020 shares	Dec. 31, 2019 shares
Subsidiary, Sale of Stock [Line Items]
Number of reportable segments \| segment			3	3
Common stock, shares issued (in shares)		134,408,000		175,434,000	1,000	134,408,000
Common stock, shares outstanding (in shares)		134,408,000		175,434,000	1,000	134,408,000
Stock split conversion ratio		134,408
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued during period (in shares)		41,026,000
Price per share issued (In USD per share) \| $ / shares		$ 14.00
Net proceeds received on the transaction \| $		$ 546
Underwriters \| Subsequent event
Subsidiary, Sale of Stock [Line Items]
Shares issued during period (in shares)	1,723,710
Price per share issued (In USD per share) \| $ / shares	$ 14.00
Net proceeds received on the transaction \| $	$ 23
Discontinued Operations \| Graham Packaging Company Inc.
Subsidiary, Sale of Stock [Line Items]
Shares repurchased and canceled during the period (in shares)			14,036,726	14,036,726

Summary of Significant Accounting Policies (Details)	Sep. 30, 2020 USD ($) entity	Jul. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Jan. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Variable Interest Entity [Line Items]
Number of VIEs \| entity	1
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Accounts receivable less doubtful accounts, including disposal group					$ 789,000,000
Accounts receivable, net					469,000,000
Securitization Facility \| Line of credit
Variable Interest Entity [Line Items]
Line of credit facility, maximum borrowing capacity	$ 450,000,000	$ 450,000,000		$ 450,000,000	600,000,000
Long-term debt, gross	$ 0		$ 380,000,000	$ 397,000,000	$ 420,000,000

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions				1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 16, 2020	Feb. 04, 2020	Dec. 20, 2019	Aug. 31, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization expense						$ 52	$ 97	$ 178	$ 286
Asset impairment									31
Goodwill impairment charges						0	9	0	9
Discontinued operations, disposed of by sale \| North American and Japanese closures businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business			$ 611		$ 8
Discontinued operations, disposed of by sale \| Graham Packaging Company Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment						1	9	2	25
Restructuring and other related charges						$ 3	$ 5	$ 11	$ 7
Discontinued Operations \| Reynolds Consumer Products Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares repurchased and canceled during the period (in shares)		35,791,985						35,791,985
Discontinued Operations \| Graham Packaging Company Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares repurchased and canceled during the period (in shares)	14,036,726							14,036,726
Line of credit \| Credit Agreement \| Secured debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred		$ 2,475
Line of credit \| Credit Agreement \| Secured debt \| Graham Packaging Company Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred				$ 1,985
Line of credit \| IPO Settlement Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Borrowings incurred		$ 1,168

Discontinued Operations - Disposal Group Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 16, 2020	Feb. 04, 2020	Dec. 31, 2019
Assets
Noncurrent assets	$ 41			$ 7,143
Liabilities
Current liabilities	8			485
Noncurrent liabilities	$ 0			$ 992
Reynolds Consumer Products Inc. \| Discontinued operations, disposed of by sale
Assets
Cash, cash equivalents and restricted cash			$ 31
Current assets			699
Noncurrent assets			3,630
Total current assets held for sale or distribution			4,360
Liabilities
Current liabilities			1,467
Noncurrent liabilities			2,847
Total current liabilities held for sale or distribution			4,314
Net assets distributed			$ 46
Graham Packaging Company Inc. \| Discontinued operations, disposed of by sale
Assets
Cash, cash equivalents and restricted cash		$ 79
Current assets		448
Noncurrent assets		3,461
Total current assets held for sale or distribution		3,988
Liabilities
Current liabilities		292
Noncurrent liabilities		2,518
Total current liabilities held for sale or distribution		2,810
Net assets distributed		$ 1,178

Discontinued Operations - Income from Discontinued Operations (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Feb. 04, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income from discontinued operations		$ (216)	$ 91	$ (234)	$ 270
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		396	1,249	1,510	3,788
Cost of sales		(331)	(937)	(1,234)	(2,868)
Gross profit		65	312	276	920
Selling, general and administrative expenses		(52)	(159)	(179)	(422)
Goodwill impairment charges		0	(9)	0	(9)
Restructuring, asset impairment and other related charges		(4)	(46)	(13)	(66)
Interest expense, net		(32)	(47)	(54)	(142)
Other expense, net		0	(6)	(3)	(8)
(Loss) income before income taxes from discontinued operations		(23)	45	27	273
Income tax (expense) benefit		(193)	46	(275)	(3)
Net (loss) income from discontinued operations, before gain on disposal		(216)	91	(248)	270
Gain on disposal, net of income taxes		0	0	14	0
Net (loss) income from discontinued operations		$ (216)	$ 91	$ (234)	$ 270
5.750% Senior Secured Notes due 2020 \| Senior notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt	$ 5

Discontinued Operations - Assets and Liabilities Held-for-Sale (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 9		$ 85
Total current assets held for sale or distribution	23	$ 1,232
Total noncurrent assets held for sale or distribution	41	7,143
Total current liabilities held for sale or distribution	8	485
Total noncurrent liabilities held for sale or distribution	$ 0	992
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		137
Accounts receivable, net		489
Inventories		559
Other current assets		47
Total current assets held for sale or distribution		1,232
Property, plant and equipment, net		1,309
Operating lease right-of-use assets, net		150
Goodwill		3,173
Intangible assets, net		2,470
Other noncurrent assets		41
Total noncurrent assets held for sale or distribution		7,143
Accounts payable		243
Accrued and other current liabilities		242
Total current liabilities held for sale or distribution		485
Long-term operating lease liabilities		126
Deferred income taxes		731
Long-term employee benefit obligations		57
Other noncurrent liabilities		78
Total noncurrent liabilities held for sale or distribution		$ 992

Discontinued Operations - Cash Flows (Details) - Discontinued operations, disposed of by sale - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 175	$ 523
Net cash used in investing activities	(122)	(214)
Net cash provided by financing activities	2,441	0
Net cash from discontinued operations	$ 2,494	$ 309

Assets and Liabilities Held for Sale - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020 USD ($)
Building, Sale-Lease Back
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncurrent assets held for sale or distribution	$ 41
South American closures business \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax charges related to assets and liabilities held-for-sale	$ 11

Assets and Liabilities Held for Sale - Summary of Assets and Liabilities Held-for-Sale (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 9	$ 85
South American closures business \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	9
Accounts receivable, net	11
Inventories	3
Other current assets	1
Property, plant and equipment, net	8
Intangible assets, net	2
Held for sale valuation allowance	(11)
Total current assets held for sale or distribution	23
Accounts payable	3
Accrued and other current liabilities	3
Other noncurrent liabilities	2
Total current liabilities held for sale or distribution	$ 8

Impairment, Restructuring and Other Related Charges - Costs by Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charges	$ 6	$ 16	$ 6	$ 16
Other asset impairment charges	13	38	14	42
Employee terminations	1	1	3	3
Other restructuring charges			1
Total	20	55	24	61
Foodservice
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charges	0	0	0	0
Other asset impairment charges	0	1	1	1
Employee terminations	1	0	1	0
Other restructuring charges			1
Total	1	1	3	1
Food Merchandising
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charges	0		0	0
Other asset impairment charges	1		1	4
Employee terminations	0		0	0
Other restructuring charges			0
Total	1		1	4
Beverage Merchandising
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charges			0
Other asset impairment charges			0
Employee terminations			1
Other restructuring charges			0
Total			1
Other
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charges	6	16	6	16
Other asset impairment charges	12	37	12	37
Employee terminations	0	1	1	3
Other restructuring charges			0
Total	$ 18	$ 54	$ 19	$ 56

Impairment, Restructuring and Other Related Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Non-cash impairment charges	$ 19
Goodwill impairment charges	6	$ 16	$ 6	$ 16
Other asset impairment charges	13	38	14	42
Employee terminations	1	1	3	3
Carrying values of the impaired assets (less than)		17		17
Goodwill		6		6
Operating lease right-of-use assets, net		3		3
Other
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charges	6	16	6	16
Other asset impairment charges	12	37	12	37
Employee terminations	0	1	$ 1	3
Non-cash impairment charges		54
Impairment related to property, plant and equipment		29
Operating lease, impairment		5
Foodservice and Food Merchandising
Restructuring Cost and Reserve [Line Items]
Employee terminations				2
Impairment related to property, plant and equipment				4
Carrying values of the impaired assets (less than)		1		1
Customer relationships
Restructuring Cost and Reserve [Line Items]
Finite lived intangible assets, net		4		$ 4
Customer relationships \| Other
Restructuring Cost and Reserve [Line Items]
Impairment of finite-lived, intangible assets		$ 3
South American closures business \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Other
Restructuring Cost and Reserve [Line Items]
Goodwill impairment charges	6
Other asset impairment charges	$ 11

Impairment, Restructuring and Other Related Charges - Restructuring Reserve (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Restructuring Reserve [Roll Forward]
December 31, 2019	$ 1
Charges to earnings	3
Cash paid	(3)
September 30, 2020	1
Employee terminations
Restructuring Reserve [Roll Forward]
December 31, 2019	1
Charges to earnings	3
Cash paid	(3)
September 30, 2020	$ 1

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 167	$ 168
Work in progress	101	106
Finished goods	389	397
Spare parts	87	82
Inventories	$ 744	$ 753

Property, Plant and Equipment, Net - Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 3,875	$ 3,820
Less: accumulated depreciation	(2,209)	(2,117)
Property, plant and equipment, net	1,666	1,703
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	85	92
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	518	551
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	3,043	2,973
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 229	$ 204

Property, Plant and Equipment, Net - Depreciation Expense Related to Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Cost of sales	$ 54	$ 51	$ 157	$ 148
Selling, general and administrative expenses	4	3	14	8
Total depreciation expense	$ 58	$ 54	$ 171	$ 156

Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Roll Forward]
Balance as of December 31, 2019			$ 1,766
Impairment charges	$ (6)	$ (16)	(6)	$ (16)
Balance as of September 30, 2020	1,760		1,760
Accumulated impairment losses	22		22
Foodservice
Goodwill [Roll Forward]
Balance as of December 31, 2019			924
Impairment charges	0	0	0	0
Balance as of September 30, 2020	924		924
Accumulated impairment losses	0		0
Food Merchandising
Goodwill [Roll Forward]
Balance as of December 31, 2019			770
Impairment charges	0		0	0
Balance as of September 30, 2020	770		770
Accumulated impairment losses	0		0
Beverage Merchandising
Goodwill [Roll Forward]
Balance as of December 31, 2019			66
Impairment charges			0
Balance as of September 30, 2020	66		66
Accumulated impairment losses	0		0
Other
Goodwill [Roll Forward]
Balance as of December 31, 2019			6
Impairment charges	(6)	$ (16)	(6)	$ (16)
Balance as of September 30, 2020	0		0
Accumulated impairment losses	$ 22		$ 22

Goodwill and Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,035	$ 1,047
Accumulated amortization	(543)	(512)
Net	492	535
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	612	612
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount	1,647	1,659
Accumulated amortization	(543)	(512)
Net	1,104	1,147
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	554	554
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	58	58
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,015	1,026
Accumulated amortization	(525)	(494)
Net	490	532
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(525)	(494)
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	20	21
Accumulated amortization	(18)	(18)
Net	2	3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (18)	$ (18)

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 15	$ 14	$ 42	$ 42

Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued personnel costs	$ 115	$ 108
Accrued interest	41	115
Accrued rebates and credits	66	67
Other	120	128
Accrued and other current liabilities	$ 342	$ 418

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Other	$ 13			$ 15
Total principal amount of borrowings	5,225			10,685
Deferred financing transaction costs	(23)			(46)
Original issue discounts, net of premiums	(4)			(9)
Debt, net	5,198			10,630
Less: current portion	(2)			(3,587)
Long-term debt	5,196			7,043
Securitization Facility \| Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	0	$ 380	$ 397	420
5.750% Senior Secured Notes due 2020 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	0			$ 3,137
Interest rate				5.75%
Floating Rate Senior Secured Notes due 2021 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	0			$ 750
5.125% Senior Secured Notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,599			1,600
Interest rate	5.125%
7.000% Senior Notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 650			800
Interest rate	7.00%
7.950% Debentures due 2025 \| Unsecured debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 276			276
Interest rate	7.95%
8.375% Debentures due 2027 \| Unsecured debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 200			200
Interest rate	8.375%
Secured debt \| Credit Agreement \| Line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,487			$ 3,487

Debt - Securitization Facility (Details) - USD ($)		1 Months Ended	7 Months Ended	9 Months Ended
Debt - Securitization Facility (Details) - USD ($)	Jul. 31, 2020	Feb. 29, 2020	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Jan. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Repayment of outstanding debt				$ 5,473,000,000	$ 27,000,000
Securitization Facility \| Line of credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 450,000,000		$ 450,000,000	450,000,000		$ 450,000,000	$ 600,000,000
Long-term debt, gross		$ 380,000,000		$ 0		$ 397,000,000	$ 420,000,000
Repayment of outstanding debt	$ 380,000,000	$ 17,000,000
London Interbank Offered Rate (LIBOR) \| Securitization Facility \| Line of credit
Line of Credit Facility [Line Items]
Variable rate floor			0.00%
Basis spread on variable rate			1.75%

Debt - Summary of Credit Agreement (Details) - Line of credit - Credit Agreement - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
U.S. term loans
Line of Credit Facility [Line Items]
Value drawn	$ 2,487,000,000	$ 3,487,000,000
U.S. Revolving Loans
Line of Credit Facility [Line Items]
Value utilized	47,000,000
Line of credit facility, maximum borrowing capacity	$ 302,000,000
London Interbank Offered Rate (LIBOR) \| U.S. term loans
Line of Credit Facility [Line Items]
Variable rate floor	0.00%
Basis spread on variable rate	2.75%

Debt - Credit Agreement Additional Information (Details) € in Millions, $ in Millions			1 Months Ended	9 Months Ended
	Aug. 04, 2020 USD ($)	Aug. 04, 2020 EUR (€)	Jan. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Line of Credit Facility [Line Items]
Long-term debt repayments				$ 5,473	$ 27
European Term Loans \| Line of credit
Line of Credit Facility [Line Items]
Long-term debt repayments	$ 279	€ 236
Loss on extinguishment of debt	1
Credit Agreement \| Line of credit \| Secured debt
Line of Credit Facility [Line Items]
Long-term debt repayments	$ 700		$ 18
Weighted average contractual interest rates				3.71%	5.16%
Periodic prepayment % of excess cash flow				50.00%
5.125% Senior Secured Notes due 2023 \| Senior notes
Line of Credit Facility [Line Items]
Long-term debt repayments			$ 1
Interest rate				5.125%
Maximum \| Credit Agreement \| Line of credit \| Secured debt
Line of Credit Facility [Line Items]
Periodic prepayment percentage if leverage ratio threshold met				25.00%
Minimum \| Credit Agreement \| Line of credit \| Secured debt
Line of Credit Facility [Line Items]
Periodic prepayment percentage if leverage ratio threshold met				0.00%

Debt - Notes (Details) - USD ($)					1 Months Ended	9 Months Ended
Debt - Notes (Details) - USD ($)	Aug. 29, 2020	Aug. 07, 2020	Aug. 04, 2020	Feb. 04, 2020	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt repayments						$ 5,473,000,000	$ 27,000,000
Payment to settle derivative liability		$ 7,000,000
Senior notes \| 5.125% Senior Secured Notes due 2023
Debt Instrument [Line Items]
Interest rate						5.125%
Face amount of debt						$ 250,000,000
Issue price as % of face value of debt						103.50%
Long-term debt repayments					$ 1,000,000
Senior notes \| 7.000% Senior Notes due 2024
Debt Instrument [Line Items]
Interest rate						7.00%
Long-term debt repayments	$ 150,000,000
Loss on extinguishment of debt	$ 4,000,000
Redemption price percentage	101.75%
Senior notes \| 5.750% Senior Secured Notes due 2020
Debt Instrument [Line Items]
Interest rate								5.75%
Long-term debt repayments				$ 3,100,000,000	18,000,000
Loss on extinguishment of debt				$ 5,000,000
Senior notes \| Floating Rate Senior Secured Notes due 2021
Debt Instrument [Line Items]
Long-term debt repayments			$ 749,000,000		$ 1,000,000
Loss on extinguishment of debt			$ 4,000,000

Debt - Subsequent Events Related To Debt, Assets Pledged as Security for Borrowings, and Guarantee and Security Arrangements (Details) - USD ($)					1 Months Ended		9 Months Ended
	Nov. 23, 2020	Oct. 01, 2020	Aug. 29, 2020	Aug. 04, 2020	Oct. 31, 2020	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt repayments							$ 5,473,000,000	$ 27,000,000
Senior notes \| 5.125% Senior Secured Notes due 2023
Debt Instrument [Line Items]
Face amount of debt							$ 250,000,000
Interest rate							5.125%
Long-term debt, gross							$ 1,599,000,000		$ 1,600,000,000
Long-term debt repayments						$ 1,000,000
Senior notes \| 7.000% Senior Notes due 2024
Debt Instrument [Line Items]
Interest rate							7.00%
Long-term debt, gross							$ 650,000,000		800,000,000
Loss on extinguishment of debt			$ 4,000,000
Long-term debt repayments			$ 150,000,000
Redemption price percentage			101.75%
Secured debt \| Line of credit \| Credit Agreement
Debt Instrument [Line Items]
Long-term debt, gross							2,487,000,000		$ 3,487,000,000
Long-term debt repayments				$ 700,000,000		$ 18,000,000
Revolving Credit Facility \| Line of credit \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 302,000,000
Subsequent event
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 51,000,000
Long-term debt repayments					3,400,000,000
Subsequent event \| Senior notes \| 4.000% Notes due 2027
Debt Instrument [Line Items]
Face amount of debt		$ 1,000,000,000
Interest rate		4.00%
Subsequent event \| Senior notes \| 5.125% Senior Secured Notes due 2023
Debt Instrument [Line Items]
Long-term debt repayments					1,470,000,000
Subsequent event \| Senior notes \| 7.000% Senior Notes due 2024
Debt Instrument [Line Items]
Long-term debt repayments					650,000,000
Subsequent event \| Secured debt \| Senior Secured Term Loans Maturing February 5, 2026
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,250,000,000
Subsequent event \| Secured debt \| Line of credit \| Senior Secured Revolving Credit Facility Maturing August 5, 2024
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 250,000,000
Subsequent event \| Secured debt \| Line of credit \| Credit Agreement
Debt Instrument [Line Items]
Long-term debt repayments					$ 1,280,000,000
London Interbank Offered Rate (LIBOR) \| Secured debt \| Line of credit \| Credit Agreement
Debt Instrument [Line Items]
Variable rate floor							0.00%
Basis spread on variable rate							2.75%
London Interbank Offered Rate (LIBOR) \| Subsequent event \| Secured debt \| Senior Secured Term Loans Maturing February 5, 2026
Debt Instrument [Line Items]
Variable rate floor		0.00%
Basis spread on variable rate		3.25%
Forecast \| Subsequent event \| Senior notes \| 5.125% Senior Secured Notes due 2023
Debt Instrument [Line Items]
Interest rate	5.125%
Long-term debt repayments	$ 70,000,000
Redemption price percentage	101.281%

Debt - Debentures (Details) - Unsecured debt	Sep. 30, 2020
7.950% Debentures due 2025
Debt Instrument [Line Items]
Interest rate	7.95%
8.375% Debentures due 2027
Debt Instrument [Line Items]
Interest rate	8.375%

Debt - Other Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Finance lease obligations	$ 13	$ 15

Debt - Scheduled Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020	$ 1
2021	2
2022	3
2023	4,087
2024	651
Thereafter	481
Total principal amount of borrowings	$ 5,225	$ 10,685

Debt - Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other	$ 13	$ 15
5.750% Senior Secured Notes due 2020 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate		5.75%
5.125% Senior Secured Notes due 2023 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.125%
7.000% Senior Notes due 2024 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	7.00%
7.950% Debentures due 2025 \| Unsecured debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	7.95%
8.375% Debentures due 2027 \| Unsecured debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	8.375%
Carrying value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other	$ 13	$ 15
Total	5,198	10,630
Carrying value \| 5.750% Senior Secured Notes due 2020 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	3,130
Carrying value \| Floating Rate Senior Secured Notes due 2021 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	739
Carrying value \| 5.125% Senior Secured Notes due 2023 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,592	1,591
Carrying value \| 7.000% Senior Notes due 2024 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	644	791
Carrying value \| 7.950% Debentures due 2025 \| Unsecured debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	272	272
Carrying value \| 8.375% Debentures due 2027 \| Unsecured debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	198	198
Carrying value \| Secured debt \| Securitization Facility \| Line of credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	418
Carrying value \| Secured debt \| Credit Agreement \| Line of credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	2,479	3,476
Fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other	13	15
Total	5,296	10,819
Fair value \| 5.750% Senior Secured Notes due 2020 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	3,144
Fair value \| Floating Rate Senior Secured Notes due 2021 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	753
Fair value \| 5.125% Senior Secured Notes due 2023 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,620	1,641
Fair value \| 7.000% Senior Notes due 2024 \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	662	828
Fair value \| 7.950% Debentures due 2025 \| Unsecured debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	301	311
Fair value \| 8.375% Debentures due 2027 \| Unsecured debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	213	220
Fair value \| Secured debt \| Securitization Facility \| Line of credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0	420
Fair value \| Secured debt \| Credit Agreement \| Line of credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,487	$ 3,487

Debt - Interest Expense, Net (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Feb. 04, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Interest income, related party		$ (3)	$ (4)	$ (9)	$ (12)
Interest income, other		0	(5)	(6)	(11)
Amortization of deferred transaction costs		3	3	12	9
Derivative losses		1	3	15	20
Net foreign currency exchange losses (gains)		6	(23)	0	(24)
Other		12	3	17	6
Interest expense, net		87	84	275	312
Senior notes
Debt Instrument [Line Items]
Interest expense, debt		36	48	123	147
Senior notes \| 5.750% Senior Secured Notes due 2020
Debt Instrument [Line Items]
Interest rate						5.75%
Loss on extinguishment of debt	$ 5
Unsecured debt
Debt Instrument [Line Items]
Interest expense, debt		11	11	30	30
Secured debt \| Line of credit \| Credit Agreement
Debt Instrument [Line Items]
Interest expense, debt		21	44	87	134
Secured debt \| Line of credit \| Securitization Facility
Debt Instrument [Line Items]
Interest expense, debt		$ 0	$ 4	6	$ 13
Prior period adjustment \| Scenario, adjustment
Debt Instrument [Line Items]
Amortization of deferred transaction costs				$ 5

Financial Instruments - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Asset derivatives	$ 2	$ 8
Liability derivatives	(2)	(5)
Other current assets
Derivative [Line Items]
Asset derivatives	2	6
Liability derivatives	0	0
Other noncurrent assets
Derivative [Line Items]
Asset derivatives	0	2
Liability derivatives	0	0
Accrued and other current liabilities
Derivative [Line Items]
Asset derivatives	0	0
Liability derivatives	(2)	(5)
Interest rate swap derivatives
Derivative [Line Items]
Asset derivatives	0	7
Liability derivatives	0	0
Commodity swap contracts
Derivative [Line Items]
Asset derivatives	2	1
Liability derivatives	$ (2)	$ (5)

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gains (losses) on derivatives	$ 1	$ (1)	$ 3	$ 6

Financial Instruments - Commodity Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2020 MMBTU lb $ / gal $ / MMBTU $ / BTU $ / lb gal
Natural gas swaps
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure \| MMBTU	1,963,628
Natural gas swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / BTU	2.40
Natural gas swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / MMBTU	2.94
Polymer-grade propylene swaps
Derivative [Line Items]
Contracted volume \| lb	39,250,071
Polymer-grade propylene swaps \| Minimum
Derivative [Line Items]
Contracted price range	0.29
Polymer-grade propylene swaps \| Maximum
Derivative [Line Items]
Contracted price range	0.39
Benzene swaps
Derivative [Line Items]
Contracted volume \| gal	5,251,376
Benzene swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / gal	1.08
Benzene swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / gal	2.42
Diesel swaps
Derivative [Line Items]
Contracted volume \| gal	936,628
Diesel swaps \| Minimum
Derivative [Line Items]
Contracted price range \| $ / gal	2.41
Diesel swaps \| Maximum
Derivative [Line Items]
Contracted price range \| $ / gal	3.26
Low-density polyethylene swaps
Derivative [Line Items]
Contracted volume \| lb	15,000,000
Low-density polyethylene swaps \| Minimum
Derivative [Line Items]
Contracted price range	0.52
Low-density polyethylene swaps \| Maximum
Derivative [Line Items]
Contracted price range	0.71
Ethylene swaps
Derivative [Line Items]
Contracted volume \| lb	2,105,278
Contracted price range	0.26

Employee Benefits - Net Periodic Benefit Income (Cost) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ (2)	$ (2)	$ (5)	$ (6)
Interest cost	(35)	(45)	(105)	(136)
Expected return on plan assets	52	45	155	134
Amortization of prior service cost	(1)	0	(1)	0
Amortization of actuarial gains (losses)	1	0	1	0
Total net periodic benefit income (cost)	15	(2)	45	(8)
Cost of sales
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income (cost)	(1)	(1)	(4)	(3)
Selling, general and administrative expenses
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income (cost)	(1)	(1)	(1)	(3)
Nonoperating Income (Expense)
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit income (cost)	$ 17	$ 0	$ 50	$ (2)

Employee Benefits - Narrative (Details) - Subsequent event	Oct. 02, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Contributions made	$ 121,000,000
Further contributions expected to be made in current fiscal year	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Other (Expense) Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Related party management fee	$ (44)	$ (3)	$ (49)	$ (8)
Loss on sale of businesses and noncurrent assets	(1)	(13)	(1)	(24)
Foreign exchange (losses) gains on cash	(42)	17	(14)	17
Transition service agreement income	5	0	15	1
Other	3	1	1	7
Other (expense) income, net	$ (79)	$ 2	$ (48)	$ (7)

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2019 USD ($)
Management fee, related parties
Loss Contingencies [Line Items]
Contingency for a potential payment	$ 22

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,037	$ 1,910	$ 2,082	$ 1,785
Ending balance	750	1,901	750	1,901	$ 1,785
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201802Member
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(447)	(425)	(354)	(442)
Currency translation adjustments	65	(77)	(30)	(67)
Amounts reclassified from AOCL	1	13	1	20
Other comprehensive income (loss)	66	(64)	(29)	(47)
Distribution of RCP and GPC	171	0	173	0
Ending balance	(210)	(489)	(210)	(489)	$ (442)
AOCL
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(624)	(714)	(518)	(689)
Other comprehensive income (loss)	66	(65)	(29)	(49)
Distribution of RCP and GPC	172	0	161	0
Ending balance	(386)	(779)	(386)	(779)	(689)
Cumulative impact of adopting ASU 2018-02
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance				0
Ending balance					0
Cumulative impact of adopting ASU 2018-02 \| AOCL
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0	0	(41)
Ending balance					(41)
Continuing operations \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(176)	(302)	(176)	(258)
Ending balance	(176)	(302)	(176)	(302)	(258)
Continuing operations \| Cumulative impact of adopting ASU 2018-02 \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	0	0	(44)
Ending balance					(44)
Discontinued Operations \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1)	13	12	11
Amounts reclassified from AOCL	0	(1)	0	(2)
Other comprehensive income (loss)	0	(1)	0	(2)
Distribution of RCP and GPC	1	0	(12)	0
Ending balance	0	12	0	12	11
Discontinued Operations \| Cumulative impact of adopting ASU 2018-02 \| Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0	$ 3
Ending balance					$ 3

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 42	$ 0	$ (95)	$ 16
Loss from continuing operations before tax	101	$ 35	123	$ 84
Discrete adjustment to increase valuation allowance for deferred interest deductions	$ 105		105
Return to provision benefit from 2019 federal return			$ 132

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 25
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Information - Narrative (Details) - segment		9 Months Ended
Segment Information - Narrative (Details) - segment	Sep. 16, 2020	Sep. 30, 2020
Segment Reporting [Abstract]
Number of reportable segments	3	3

Segment Information - Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	$ 1,195	$ 1,306	$ 3,514	$ 3,888
Adjusted EBITDA	173	177	445	518
Assets	8,217		8,217		$ 16,175
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	1,165	1,269	3,427	3,761
Foodservice
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	473	546	1,351	1,630
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	354	351	1,046	1,037
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	338	372	1,030	1,094
Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	(23)	(29)	(76)	(94)
Inter-segment eliminations \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	23	29	76	94
Inter-segment eliminations \| Foodservice
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	0	0	0	0
Inter-segment eliminations \| Food Merchandising
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	0	0	0	0
Inter-segment eliminations \| Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	23	29	76	94
Operating segments \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	1,188	1,298	3,503	3,855
Adjusted EBITDA	177	190	468	565
Assets	2,789		2,789		2,789
Operating segments \| Foodservice
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	473	546	1,351	1,630
Adjusted EBITDA	81	89	170	262
Assets	1,060		1,060		1,090
Operating segments \| Food Merchandising
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	354	351	1,046	1,037
Adjusted EBITDA	72	56	186	161
Assets	706		706		727
Operating segments \| Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	361	401	1,106	1,188
Adjusted EBITDA	24	45	112	142
Assets	1,023		1,023		972
Operating segments \| Other
Segment Reporting Information [Line Items]
Net revenues (includes related party net revenues of $89, $72, $259 and $213)	30	37	87	127
Adjusted EBITDA	2	4	6	10
Assets	39		39		65
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	(6)	$ (17)	(29)	$ (57)
Assets	$ 5,389		$ 5,389		$ 13,321

Segment Information - Reconciliation of EBITDA to Income (Loss) from Continuing Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 173	$ 177	$ 445	$ 518
Depreciation and amortization	(73)	(68)	(213)	(198)
Interest expense, net	(87)	(84)	(275)	(312)
Foreign exchange (losses) gains on cash	(42)	17	(14)	17
Goodwill impairment charges	(6)	(16)	(6)	(16)
Loss on sale of businesses and noncurrent assets	(1)	(13)	(1)	(24)
Non-cash pension income	18	0	55	2
Operational process engineering-related consultancy costs	(3)	(5)	(12)	(18)
Related party management fee	(44)	(3)	(49)	(8)
Restructuring, asset impairment and other related charges	(14)	(39)	(18)	(45)
Strategic review and transaction-related costs	(24)	(1)	(39)	(2)
Unrealized gains (losses) on derivatives	1	(1)	3	6
Other	1	1	1	(4)
Loss from continuing operations before tax	(101)	(35)	(123)	(84)
Unallocated
Segment Reporting Information [Line Items]
Adjusted EBITDA	(6)	(17)	(29)	(57)
Reportable Segments \| Operating segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	177	190	468	565
Other
Segment Reporting Information [Line Items]
Goodwill impairment charges	(6)	(16)	(6)	(16)
Other \| Operating segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 2	$ 4	$ 6	$ 10

Segment Information - Net Revenues by Product Lines (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 1,195	$ 1,306	$ 3,514	$ 3,888
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,165	1,269	3,427	3,761
Foodservice
Segment Reporting Information [Line Items]
Net revenues	473	546	1,351	1,630
Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	354	351	1,046	1,037
Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	338	372	1,030	1,094
Operating segments \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,188	1,298	3,503	3,855
Operating segments \| Foodservice
Segment Reporting Information [Line Items]
Net revenues	473	546	1,351	1,630
Operating segments \| Foodservice \| Cups and lids
Segment Reporting Information [Line Items]
Net revenues	198	242	560	691
Operating segments \| Foodservice \| Containers
Segment Reporting Information [Line Items]
Net revenues	187	196	549	587
Operating segments \| Foodservice \| Dinnerware
Segment Reporting Information [Line Items]
Net revenues	34	52	108	157
Operating segments \| Foodservice \| Other
Segment Reporting Information [Line Items]
Net revenues	54	56	134	195
Operating segments \| Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	354	351	1,046	1,037
Operating segments \| Food Merchandising \| Dinnerware
Segment Reporting Information [Line Items]
Net revenues	88	79	257	230
Operating segments \| Food Merchandising \| Other
Segment Reporting Information [Line Items]
Net revenues	41	35	115	110
Operating segments \| Food Merchandising \| Meat trays
Segment Reporting Information [Line Items]
Net revenues	93	91	287	262
Operating segments \| Food Merchandising \| Bakery/snack/produce/fruit containers
Segment Reporting Information [Line Items]
Net revenues	75	79	218	236
Operating segments \| Food Merchandising \| Prepared food trays
Segment Reporting Information [Line Items]
Net revenues	33	43	95	126
Operating segments \| Food Merchandising \| Egg cartons
Segment Reporting Information [Line Items]
Net revenues	24	24	74	73
Operating segments \| Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	361	401	1,106	1,188
Operating segments \| Beverage Merchandising \| Cartons for fresh beverage products
Segment Reporting Information [Line Items]
Net revenues	199	205	597	593
Operating segments \| Beverage Merchandising \| Liquid packaging board
Segment Reporting Information [Line Items]
Net revenues	92	109	296	335
Operating segments \| Beverage Merchandising \| Paper products
Segment Reporting Information [Line Items]
Net revenues	70	87	213	260
Operating segments \| Other
Segment Reporting Information [Line Items]
Net revenues	30	37	87	127
Inter-segment eliminations
Segment Reporting Information [Line Items]
Net revenues	(23)	(29)	(76)	(94)
Inter-segment eliminations \| Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	23	29	76	94
Inter-segment eliminations \| Foodservice
Segment Reporting Information [Line Items]
Net revenues	0	0	0	0
Inter-segment eliminations \| Food Merchandising
Segment Reporting Information [Line Items]
Net revenues	0	0	0	0
Inter-segment eliminations \| Beverage Merchandising
Segment Reporting Information [Line Items]
Net revenues	$ 23	$ 29	$ 76	$ 94

Related Party Transactions - Narrative (Details)	Sep. 30, 2020
Packaging Finance Limited And Other Entities
Related Party Transaction [Line Items]
Ownership percentage	79.00%

Related Party Transactions - Related Party Transactions (Details) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 21, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) lease_agreement	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Due from related parties, current		$ 57		$ 57		$ 0
Related party transactions, revenues		89	$ 72	259	$ 213
Related party receivables		0		0		339
Interest income		3	4	9	12
Related party management fee		44	3	49	8
Joint Ventures
Related Party Transaction [Line Items]
Due from related parties, current		7		7		8
Related party transactions, revenues		5	3	23	19
Affiliated entity
Related Party Transaction [Line Items]
Due to related parties, current		57		57		0
Related party receivables		0		0		339
Interest income		3	4	9	12
Related party payables		(21)		(21)		$ (30)
Purchase of goods		(28)	(36)	(91)	(114)
Loan forgiveness				15
Affiliated entity \| Sale of goods and services
Related Party Transaction [Line Items]
Related party transactions, revenues		89	72	259	213
Affiliated entity \| Transition services agreement and rental income
Related Party Transaction [Line Items]
Transition services agreement and rental income		3	0	11	0
Affiliated entity \| Tax loss transfer
Related Party Transaction [Line Items]
Amount of related party transaction		0	0	13	0
Related party transactions, expenses		(10)	0	(11)	(2)
Affiliated entity \| Recharges
Related Party Transaction [Line Items]
Amount of related party transaction		1	0	2	4
Related party transactions, expenses		(1)	(6)	(11)	(16)
Affiliated entity \| Forgiveness of a balance
Related Party Transaction [Line Items]
Amount of related party transaction		15	0	15	0
Affiliated entity \| Loan forgiveness
Related Party Transaction [Line Items]
Related party transactions, expenses		(347)	0	(347)	0
Affiliated entity \| Management fee
Related Party Transaction [Line Items]
Related party transactions, expenses	$ (22)	(57)	$ (8)	$ (65)	$ (21)
Reversal of current period accrual recognized	$ 8
Affiliated entity \| Lease arrangements
Related Party Transaction [Line Items]
Number of lease agreements \| lease_agreement				2
Affiliated entity \| Tax matters agreement
Related Party Transaction [Line Items]
Due to related parties, current		$ 8		$ 8
Affiliated entity \| Loan transaction
Related Party Transaction [Line Items]
Related party transaction, rate		3.55%	4.567%			3.25%
Affiliated entity \| Termination fee
Related Party Transaction [Line Items]
Related party transactions, expenses				$ (45)
Minimum \| Affiliated entity
Related Party Transaction [Line Items]
Related party transaction, profit margin				3.00%
Minimum \| Affiliated entity \| Loan transaction
Related Party Transaction [Line Items]
Related party transaction, rate				3.458%	4.567%
Maximum \| Affiliated entity
Related Party Transaction [Line Items]
Related party transaction, profit margin				6.00%
Maximum \| Affiliated entity \| Loan transaction
Related Party Transaction [Line Items]
Related party transaction, rate				4.275%	5.149%

Stock-based Compensation (Details) - USD ($)		3 Months Ended		9 Months Ended		21 Months Ended
Stock-based Compensation (Details) - USD ($)	Sep. 21, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	9,079,395
Stock-based compensation expense		$ 1,000,000	$ 0	$ 1,000,000	$ 0
Number of shares available for grant (in shares)		8,782,099		8,782,099
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted in the period (in shares)						297,296
Award vesting period						3 years
Share-based Payment Arrangement, Tranche One \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percent	33.33%
Share-based Payment Arrangement, Tranche Two \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percent	33.33%
Share-based Payment Arrangement, Tranche Three \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percent	33.33%

Earnings Per Share - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders
From continuing operations	$ (143)	$ (35)	$ (29)	$ (101)
From discontinued operations	(216)	91	(234)	270
Net (loss) income attributable to Pactiv Evergreen Inc. common stockholders	$ (359)	$ 56	$ (263)	$ 169
Weighted average number of shares outstanding
Basic (in shares)	138.9	134.4	135.9	134.4
Effect of dilutive securities (in shares)	0.0	0.0	0.0	0.0
Diluted (in shares)	138.9	134.4	135.9	134.4
From continuing operations
Basic (USD per share)	$ (1.03)	$ (0.26)	$ (0.22)	$ (0.75)
Diluted (USD per share)	(1.03)	(0.26)	(0.22)	(0.75)
From discontinued operations
Basic (USD per share)	(1.56)	0.67	(1.72)	2.01
Diluted (USD per share)	(1.56)	0.67	(1.72)	2.01
Basic (USD per share)	(2.59)	0.41	(1.94)	1.26
Diluted (USD per share)	$ (2.59)	$ 0.41	$ (1.94)	$ 1.26

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Weighted average number of shares outstanding (in shares)	138.9	134.4	135.9	134.4